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Mortgage Lenders Plus.com Helps Borrowers through New Tougher Government Standards - The federal government says mortgage lenders need to toughen mortgage standards. The new rules will mean more paperwork when it comes time to borrow -- and for some borrowers, less ability to get the loan amount they want
Mortgage Lenders Plus.com Helps Borrowers through New Tougher Government Standards

 

NewswireToday - /newswire/ - Cardiff by the Sea, CA, United States, 2006/10/31 - The federal government says mortgage lenders need to toughen mortgage standards. The new rules will mean more paperwork when it comes time to borrow -- and for some borrowers, less ability to get the loan amount they want.

   
 
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Adjustable rate mortgages (ARMs), interest-only loans, piggy-back financing and stated-income mortgage applications are about to get a make-over under orders from federal regulators. The new rules will mean more paperwork, tougher mortgage qualification standards and even smaller loans for many borrowers.

"The federal government is putting an end to the urban myth of instant mortgage lending," says Peter G. Miller, author of The Common-Sense Mortgage and a columnist syndicated in more than 80 newspapers. "The government is saying that borrowers need a much better idea of how loans work. The government is also saying that mortgage lenders need a much better idea of whether or not borrowers are really qualified for today's new forms of financing."

In his latest column for MortgageLendersPlus.com, Miller shows how borrowers can do well under the new standards. "It's really a return to the loan standards we had prior to 2001," says Miller. "With a little preparation most borrowers will be able to easily sail through the new requirements."

About MortgageLendersPlus.com
Established in 2000, Mortgage Lenders Plus (mortgage-lenders-plus.com) provides a unique online destination for borrowers seeking to finance or refinance real estate. Mortgage loan requests worth nearly $10 billion have been processed on the site, and that number grows each day. The company is not a lender, broker or escrow agent; instead it provides an unequaled marketplace where you can match your needs and wants with nearly 200 competing mortgage lenders. For news about loans, lenders, equities and home values, please visit us online.

 
 
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Written by / Agency / Source: Mortgage Lenders Plus, Inc.

 
 

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Mortgage Lenders Plus.com Helps Borrowers through New Tougher Government Standards

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Publisher Contact: Betsy Lain - MortgageLendersPlus.com 
800-574-6571 info[.]mortgagelendersplus.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Mortgage Lenders Plus, Inc. securities in any jurisdiction including any other companies listed or named in this release.

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