7 Ways The Mortgage Industry Has Changed This Year
October 15th, 2009 at 03:09am Under mortgage refinancing
In the event you have steered clear from what has been going on in the mortgage industry for the last 24 months, I thought I would bring you up to speed on some of the big changes, and how they affect you. These changes have slowed down the amount of refinances being done, but being aware these changes may make the process a little easier.
Here are 7 things you should know…
1) A good credit score is now 740 and higher. If you have a middle credit score between 740 and 620, you may still be able to refinance, although you may see a few adjustments to your rate for the lower score.In general, a credit score of 620 is going to be needed for a lender to qualify you.
Tags: appraisers, atm, cash, cash out refi, credit scores, homes, houses, hvcc, mortgage, mortgage broker, mortgage lender, refi, refinance, stated loans, underwriting, values
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