Lenders and economists will tell you flat out: The lack of accurate information about the availability of loan programs that are designed to address special needs is discouraging far too many consumers from even considering an application, much less shopping around.
Mortgage banker Alex Stenback of the Residential Mortgage Group in Minnetonka, Minn., says he sees it every day: "People just aren't aware of what's possible right now" and as a result, they are missing real estate prices and long-term interest rate opportunities they shouldn't. Doug Lebda, founder and CEO of LendingTree, the online site that allows banks to make competing offers to applicants, believes that "the fear of being rejected" because they don't conform to standards that may not even exist, is keeping qualified applicants on the sidelines for no reason.
Read the rest of the article at the Hartford Courant
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