50 Years Later: Financing

50 years ago a mortgage was easily obtained by filling out a one page form with four simple questions:

Name?
Address?
Profession?
Income?
The lender based approval on this simple form and no verifications were needed.¬†Approvals were usually obtained in two weeks or less and most were always done in person or via US mail.¬†Fast forward to today and the application itself is over 10 pages, the process itself takes 4 to 6 weeks – and unless you are dealing with an exceptional lender, it’s never in person. Right now, the greatest thing about mortgages is that rates are, more often than not, below 4%!
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