Some Applicants May Have No Shot At Low Rates
May 1, 2020
With mortgage rates at an all-time low, a new report from MarketWatch revealed that some loan applicants won't be offered those record low rates. Stricter lending standards are here and they are nearly impossible to get by.
“While some borrowers could be quoted rates close to the lowest they’ve ever been, others either with less-than-excellent credit scores or seeking an atypical loan type—like jumbo or FHA loans—may be offered a much-higher rate,” said Matthew Speakman, an economist with real-estate firm Zillow, according to MarketWatch.
The report also claims that the economic environment has also pushed many mortgage companies to become stingier in terms of who they choose to lend to. With unemployment rates still on the rise, worry that borrowers won't be able to make their payments continues to rise as well. Luckily, some buyers are pressing pause on their search for a homes, especially given the stricter standards faced when applying for a mortgage.
Click here to read more about how tighter lending standards will hinder some borrowers from achieving a record low rate on a mortgage.
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