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Mortgage Demand Is So High That Lenders Turn Away Some Borrowers

  • Low rates are fueling a boom in demand for home loans
  • Some firms are seeking to slow down surge of new business
Prospective Buyers Look At A House Ahead Of Existing Home Sales Figures

Photographer: Matthew Busch/Bloomberg

Homeowners looking to refinance their mortgages better have their paperwork in order. And it helps to be nice.

These days, with rates near historic lows as the coronavirus roils markets, lenders are swamped with business from homeowners seeking to take advantage of cheaper borrowing costs. Demand for home loans is so hot that some firms aren’t picking up the phone.