Low Credit Scores Make Home Financing Difficult
Good Monday Morning!
Summer has returned for another round and it looks like a gorgeous Indian Summer week ahead of us. Just keep it coming!
It appears that most Americans now have credit scores that are too low for them to qualify for the lowest rates on a mortgage loan, and nearly one in three are unlikely to get a loan on any terms, according to an analysis by Zillow.
Zillow analyzed 25,000 loan quotes and requests on the Zillow Mortgage Marketplace during the first half of September, and found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 -- even if they offered to make large downpayments of 15 to 25 percent.
An even more concerning fact is that most Americans are not able to take advantage of the low mortgage interest rates for a home refinance either. The fact is that with home values declining as far as they have, far too many homeowners just do not have the equity position to be able to qualify for a refinance. What a shame with rates continuing to hold at historical low rates.
Have An Awesome Week!
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