What does the news about relaxed mortgage standards mean to you?

The average borrower will see little change, greater clarity for lenders.

While the headline is very catchy and may make many people think that the process to obtain a mortgage is going to see wholesale change, the affect on the individual borrower is minimal. The changes that are taking place help provide clarity to lenders on what long term risk there is with buying a loan back from an investor. What this means to the average borrower is that there will be little or no change in the process. This is very positive news as transparency is always a positive.
 
At North Shore Bank we will continue to deliver the highest level of customer service, after all we are “The Bank of You”. We also have been far under the industry norm for the amount of time it takes from application to closing with our average loan closing taking place in just over 30 days, including refinances. Whenever you see news about lending, please do not hesitate to contact one of our loan experts at North Shore Bank.

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