Applying for a Mortgage? Be Patient

HousingWire reports Campbell/Inside Mortgage Finance says over the last month, the time required to approve a mortgage grew from 30 days to between 45 and 60 days. The company’s Housing Pulse survey states lenders are having to spend more time dealing with mortgage refinancing. Appraisal issues with property damage on foreclosures are further complicating the time to obtain a mortgage. The distressed property index fell from 45.9 percent in August to 44.4 percent in September.

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