First, understand that last year the mortgage news was about historically "low rate mortgages", a 15 year fixed rate loan started at 4.35% and a 30 year fixed rate loan started at 4.75%.
Borrowers applying for these low rates found out that many could not qualify without incurring additional fees. The reason, most borrowers have a credit (FICO) score below what is considered "prime". FICO scores are scaled from 300 to -850, while most borrowers average credit score is 720.
Freddie Mac and Fannie Mae, the government agencies that set the standards for mortgage lenders, have been increasing the prices on loans to higher risk borrowers. Borrowers with a credit (FICO) score of 680 to 740 and making a 20 to 25 percentage down payment today, typically face additional charges of three quarters to one percentage point of the loan amount. On a $200,000. loan, the additional fee will amount from $1,500 to $2,000 more at closing.
Are we at the point that only borrowers with higher credit score can qualify for the best rates? So ทาวน์โฮมมือสอง ราคาถูก is this a good time to enter a mortgage transaction? It might be, if you can qualify. "The two biggest issues are going to be credit score and down payment,". "Those are really going to trigger your ability to get a mortgage in a decent amount of time."
Learn what you are up against in specific mortgage situations and what you can do to increase your chances of getting a deal done.
Let us help you raise your credit score!
ไม่มีความคิดเห็น:
แสดงความคิดเห็น