Frustrated New Yorkers Grapple With Loan Rates
A MONTH after the mortgage markets started to crumble, mortgage brokers and lawyers say that New Yorkers are finding it harder than ever to get mortgages and are increasingly backing out of deals. This lending slowdown has seemed to affect a broader segment of New York City apartment hunters, many of whom are now waiting to see if prices drop because of the mortgage crisis before they commit to buying.
Buyers affected by these changes include younger New Yorkers with
short credit histories and, interestingly, professionals who buy
apartments with small down payments and nearly 100 percent financing
and count on end-of-year bonuses to pay down the loans.Source: nytimes.com
Tags: Apartment | brokers | Brooklyn | buying | HUNTERS | lending | LOAN | Markets | Mortgage | New York | prices | Rates
