Mortgage Rates Are Great, If You Qualify.


It may be a great time to buy with home prices down and interest rates at historic lows, but as pointed out in this Wall Street Journal article, lenders are making it more expensive for borrowers who seek financing. The article goes on to state that from 2003 to 2006 82% of Fannie Mae mortgages were to borrowers with FICO scores between 700 to 750. These borrowers were assured the most competative mortgage rate based on this FICO score. So far in 2011, only 13% of Fannie Mae mortgages carry that score. For those borrowers in that 700 to 750 range, they should expect to pay additional costs to the lender. Read article


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