Refinancing a Home or Getting a Mortgage May Be Easieradmin / 0 Comments /
It’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.