How Hard is Getting a Mortgage Loan Today?
How hard is it to get a mortgage in the current economy?
I am constantly confronted with wildly different views on what getting mortgage is really like today. To hear some people talk one would think getting a mortgage is nearly impossible, and yet others make it seem easier than ever. I find that typically the truth lies somewhere in the middle.
As a mortgage lender I can tell you without hesitation that it is harder to get a mortgage than it was 2-3 years ago. Right now it is near impossible to find a mortgage unless you have a 620 credit score and 3 years ago you could get 100% with a 580 credit score pretty much anywhere! The problem is that your perspective can make something look much worse than it is, and as a lender my perspective tells me that things aren’t that bad… (more…)
