Banks inspecting buildings in mortgage reviews

Home buyers are facing more obstacles in obtaining mortgages during the credit crisis. Even if a prospective buyer has good credit and a steady income, many banks are refusing to make loans if they don’t like what they find when they review the finances and bylaws of a building where the purchaser wants to live. Banks are looking at the type of insurance the building has, the size of the building and apartment, and for new developments, how many units have sold and closed. “Banks are asking questions that I’ve never heard anybody ask before,” said Roberta Axelrod, the director of residential sales and rentals at Time Equities. “They’re looking in much more detail into specific aspects of the buildings.”