Good credit helps when you apply for a mortgage

With a Zen-like statement, the NY Times begins a report on mortgage lending:

Lending terms are easing up for borrowers who have superior credit. But mortgages are no easier to come by for applicants with unexceptional FICO scores.

So, what does that mean?

Samples of FICO scores indicate more loans are being approved with lower scores.  At the same time, down payment amounts are dropping. 

Yet,

Borrowers with scores below 620 — about 28 percent of Americans, Zillow says — couldn’t even get a rate quote. “If you look at the borrowers on the fringe,” said Erin Lantz, Zillow’s director of mortgages, “credit is not any easier to get now than it was three years ago. Despite the improvement in the economy and homes being incredibly affordable and mortgage rates at all-time lows, still about a third of Americans are shut out of the market.”

Read the full article Rewarding Stellar Credit.

For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.

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Stephen M. Flatow, Esq.

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