Hehe. Let not your heart be troubled. We are going through the exact same thing. The best word I can use to describe it is “shenanigans”. Isn’t it ironic that just a few years ago the banks were tripping over one another to over-leverage and loan money willy-nilly to anyone with a heartbeat? Fast forward to today – the banks have received their bailout funds to cover previous mistakes; yet they won’t loan it to anybody unless they fall into their Dixie-cup criteria.
There was a time when this Dixie-cup criteria was the norm, and I understand the reasoning for it. We’ve grown so accustomed to easy credit over the years that we don’t know which way is up or down.
My advice is to bear down, stay the course, and be patient. If you have an uptick in income or assets and can afford to put it down long on a property, then go for it. We could be in for another 1979-1980 style correction that brings rapid interest rate increases which will reduce home prices, rampant inflation might occur, or perhaps something in between will take place.
