Economy Rockford: Loans Out of Reach For Some

23 News mortgage expert Terry Bloom says although there has been some improvement in interest rates, many lenders haven’t regained their appetite to lend. They are loaning to borrowers with perfect credit and a large deposit. But Bloom thinks the real estate market is bottoming out, and once that becomes clearer, he says lenders will start loosening up. He doesn’t see a return to the pre-recession standards, but he admits that sometimes history does repeat itself.

For now you can increase your chances of being approved for a loan by doing a few simple things like limiting your credit use and putting money away.

23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
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