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Refinancing a Home or Getting a Mortgage May Be Easier

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approved-160120_1280It’s easier than it has been in several years to qualify for a mortgage, thanks to eased credit score requirements.  According to a recent article in the Spring Real Estate Guide in the Money publication, there has been a 15% increase since 2014 in the number of refinance applications approved.

Impacting the approval rate is the fact that the average FICO credit score required for a 30-year mortgage has dropped 10 points.   In fact, borrowers with an average score of 695 might be able to qualify for a mortgage, which hasn’t been the case for years.

Additionally, those with a higher than average credit score (750-800) might find themselves qualifying for rates in line with borrowers with “excellent” credit (800 or above); the gap in the rate difference might now be close to zero.

More accessible mortgages, coupled with near record low mortgage rates make this an excellent time to secure a mortgage or refinance.

To learn more, read the entire article.

 

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