Majority Find Getting a Loan Tougher

A survey conducted for the financial services industry group of Deloitte LLP, New York, found that 67% of consumers that applied for a mortgage over the past year said getting the loan was more difficult. For those that applied for a home equity line of credit, 65% said it was more difficult. Adam Schneider, a principal with Deloitte Consulting LLP, who works with banks and other financial institutions, said, "Business models are changing and some of the best-run banks are taking steps to strengthen their credit and mortgage businesses. They recognize that when balance sheets are rebuilt they will have to restart lending, but are likely to be more conservative and focused on the most credit-worthy." The survey also found that three out of four consumers said they were unlikely to buy a home in the next year and 69% are not likely to refinance their existing home. Almost seven in 10 said they were not planning to sell their home. Of those that have a mortgage, 91% said they have made their payments early or on time in the past year. Deloitte found that only 2% of respondents in the four states cited as hit hardest -- California, Florida, Arizona and Nevada -- said they were late with their mortgage payment, compared with 6% for all respondents.