evans@mhuxt.UUCP (crandall) (06/02/85)
It seems that Prudential (the insurance giant) intends to enter the mortgage market this month in some areas of the US spreading to the entire country by the end of the year. They plan to win by undercutting local companies by a quarter of a point as well as by offering computerized services. If they succeed one might imagine that mortgage deals across the country may tend to equalize. Out of curiosity what are the current differences besides the bare rates? Eg. what percentage of one's income is allowable and does it scale with salary (eg 28% of income for < $45k income, 30% for >...) and other variables? etc. etc Send me what is common in your area and I'll sumarize. I do know that life is very different in NJ (where I live now) than in MT (where I grew up) as far as the lenders are concerned. Steve Crandall ihnp4!mhuxt!evans