While news that lender underwriting guidelines have toughened up is old stuff, and most people now know that unless they are candidates for financial sainthood they will be dinged with surcharges for everything from missing credit score cutoffs to buying a condo to obtaining subordinate financing (a second mortgage to increase your down payment). And most people know now that loans are largely underwritten by computer programs. What you probably don’t know is that an automated approval from Fannie Mae or Freddie Mac may not be worth the paper it’s printed on. Continue reading ‘Today’s Mortgage Insurance: Even if You’re Approved, You’re Not’
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