Still difficult to qualify for best
home loan rates
Source:
Informa Research Services
(07/15/2011)Mortgage
rates have been hovering at or below 5% for several months now, prompting many
consumers to seek refinances of their existing home loans. But many have also
found that the best rates aren't easy to qualify for.
Financial
institutions are still wary of most borrowers' ability to pay their monthly
bills for many different lines of credit, and when it's something as big and
expensive as a mortgage, the concern is further heightened. As a consequence,
many still have elevated borrowing standards left over from the recession,
according to a report from the Wall Street Journal. These can make it difficult
for even the most conscientious consumers to get the lowest
available rates.
For
consumers who are interested in finding the best local mortgage rates when they
attempt to refinance their home loan, it may make sense to seek out the latest online
rate tables.
By doing so, they will ensure they get the best deal available to them and
potentially save hundreds of dollars per month.
Now,
just 79.1% of Fannie Mae-backed mortgages with top rates go only to those with
ratings greater than 750, compared to 3.1% in 2003, the report said.
