Getting a mortgage is hard for even a rich person

After the 2008 real estate crash, people found that banks were a lot stricter when it came to giving out money. Even wealthy individuals were having trouble obtaining mortgages, as automatic approvals were a thing of the past. Unfortunately, just as the real estate market is improving, new proposals in Washington are aimed at limiting mortgage amounts to a percentage of the individuals’ income. Another problem faced by wealthy individuals is lower property assessments as appraisals are using more caution when valuing homes.

For more read the full story at, “Why Even Rich People Are Having Trouble Getting a Mortgage.”

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