Welcome to my Mortgage, Credit, and Real Estate Blog
Hello, my name is Greg Phillips and I have been closing mortgages since 1999. I write articles about these industries to educate readers. My goal is to keep the articles simple and as uncomplicated as possible. Please visit my website for additional information about my mortgage services.
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Who Can Get The Best Mortgage Rate – Mortgages Redefined
Posted on April 4th, 2009 2 commentsFor several years the best mortgage rate was given to an applicant who had 20% equity in the home, full documentation, and a 720 credit score. In recent months the trend has been tightening up on guideliness and re-designing the industry to mitigate risk.
Most lending institutions have raised the bar in recent months and now require a 740 score and 30% equity in the home to obtain the lowest possible interest rate.
Keep this in mind as you come closer to making a decision on your home mortgage needs. Although the rate variation is very slight between the new and old it does make a huge impact on your total repayable over the term of your mortgage.
2 responses to “Who Can Get The Best Mortgage Rate – Mortgages Redefined”
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credit repair company…
“In my opinion one of the biggest problems with our credit crunch and high foreclosure rate is bank reliance on FICO scores. FICO scores do a good job of reporting an individuals past history of repayment of debt. The biggest problem is the scores do n…
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Good point. They also relied on automated underwriting to much and ignored some of the old fashioned reasons for declining loans.
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