https://magazine.realtor/daily-news/2020/05/05/more-banks-halt-helocs Banks have been tightening requirements for loans due to the Wuhan COVID-19 pandemic. Lines of credit are new casualties. JPMorgan Chase and Wells Fargo have announced that they will no longer be accepting applications for new HELOCs.
Tag: lending standards tighten
If you haven’t heard already, it is harder to obtain financing for real estate purchases. Forbearance is being forced on banks. They are required to let borrowers skip mortgage payments. They can recoup the missing payments with interest later, but Read more…