Rise From The Ash Of The 2008 Crash

Dated: 11/17/2018

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Shared From The article Safer Mortgages Rise From the Ashes of ’08 Financial Crash which originally appeared on NerdWallet.

Rise From the Ash of the 2008 Crash

As a result of the 2008-09 financial crisis, in general, mortgages are now a bit "safer" than they were 10 years ago. 

The following loan types, now unavailable to most borrowers, were popular during the housing boom in the early/mid-2000s:

After the Great Recession of 2008, here's how we can be 10 years wiser
(See more tips on preparing — and prospering)

How YOU can help top it from happening again:

  • Know what you can afford

  • Get pre-approved for a mortgage 

  • Keep debt payments under control

  • Compare mortgage offers

How affordability standards have changed since 2008

  • Verify income and credit information instead of just taking the borrower’s word for it. 

  • Cap the maximum debt-to-income ratio at 43%. 

  • Limit points and fees to no more than 3% of the mortgage amount.

This was intended to be a brief overview, for more specifics see the FULL ARTICLE as it appeared in NerdWallet.

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