A longer-view of credit histories of mortgage applicants is expected to not only help people with poor or no credit qualify for a mortgage, but other changes could help borrowers with good credit as well.
Like many types of loans that were easy to get years ago during the housing crisis, home equity loans and other loans to cash out on equity in rental properties were relatively easy to get.Now, not so much.
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Buying a condominium is often the choice of people who value convenience.But getting that convenience means you have to put up with a few extra challenges when it comes to qualifying for a condo mortgage.
A missed credit-card payment two years before you want to buy a home? It can scuttle your chances to qualify for a mortgage.And that's just one example.Homebuyers have the opportunity to make plenty of mistakes before they even begin to shop for a mortgage lender.
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Your neighbor has refinanced her mortgage loan.Your son, too.Your co-worker two cubicles over has done the same.But you haven't.Why not? It's still not too late to save hundreds of dollars on your mortgage payment each month by refinancing.