How hard is it to get a mortgage? Hard enough that even millionaires are throwing up their hands in frustration and disgust.
Patrick DiPinto, a Coldwell Banker agent on Longboat Key, says just two of his past 30 deals have involved buyers who sought mortgages to make the purchase. But one of those cases illustrates how mortgage underwriters, who acted like cheap floozies a few years ago, are now imitating the nun in “The Blues Brothers.”
“It seems like they don’t even want business," says DiPinto of the lender in this case. “I had a million-dollar deal. The people were putting down 50 or 60 percent, had $4 million in the bank, $1 million-a-year salary, 39 years as an attorney, two 850 credit scores, own all their property outright. They wanted 500 grand, and their process has just been a big nightmare.”
via Letter from home column: lenders are tough even on the rich.