Low Home Mortgage Rates High Rejections From Banks
The low home mortgage rates have been one of the lowest ever in the US at 4.56% for a 30 year fixed-rate. Although this is great news for future home buyers, lenders are making it harder for consumers to qualify for the mortgage loan. Lenders are now rejecting those with average credit histories and insufficient down payments.
There are now a low number of buyers who have been successful with loans. One of the main reasons is the current unstable housing market which many lenders believe is too risky for new home buyers to repay mortgage loans.
A recent article gave an example of one individual who had a 20 percent down payment on a property but was still rejected by a local lender for the mortgage loan.
Photo source B Rosen
Posted in News by admin at July 23rd, 2010.