There is good news and bad news in the mortgage industry. First, rates are down, but the bad news is that it is much harder to qualify for a refinanced loan these days. Moreover, the borrowers who need to refinance the most, because their adjustable rate mortgages (ARMs) are resetting to higher interest rates, are among those having the most trouble winning approvals.

During the boom years, lenders approved most anyone with a pulse. Not so today. Mortgage brokers recognize this and are now being very selective about the clients whose applications they choose to submit to their lender network.

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