{"id":35740,"date":"2010-06-02T06:28:14","date_gmt":"2010-06-02T06:28:14","guid":{"rendered":"http:\/\/therealestatemango.com\/2010\/06\/02\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/"},"modified":"2019-04-23T20:53:54","modified_gmt":"2019-04-23T20:53:54","slug":"five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low","status":"publish","type":"post","link":"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/","title":{"rendered":"Five Important Reasons Why Getting a Mortgage Is Getting Tougher Even When Rates Are Low"},"content":{"rendered":"

\"house<\/a>1.\u00a0 Harder to Qualify. <\/strong>Lending institutions are looking at credit scores with a magnifying glass.\u00a0 In the past 620 was good.\u00a0 NOW 680 is better and anything lower than 620\u00a0 gets the potential borrower higher rates and higher fees.\u00a0 740 <\/strong>gets you a terrific house but that is an optimum number that most people don’t have.\u00a0 This is called the FICO score named after the corporation that produces it (Fair Isaac Corporation).\u00a0 It is a statistical analysis of a person’s credit report.<\/p>\n

2. Income and Assets Subject to Greater Scrutiny <\/strong>In the past, some loans were given without checking any of the financial figures of the borrower as long as he had a large down payment.\u00a0 This is no longer true.\u00a0 All the financial history of the borrower is examined at extreme lengths.\u00a0 Foreign buyers have additional problems since their statements are sent from a foreign institutions and have to be verified carefully here and that takes more time.<\/p>\n

3. Appraisals Come In Low<\/strong> Since there are not as many sales to compare a home to, the appraiser has to branch out to like properties in similar close by developments and make adjustments.\u00a0 They are very careful to not include any personal property so as to skew the result.\u00a0 Their appraisal is usually counter checked by the lending institution and questioned.\u00a0 This procedure is also different in that the appraiser cannot speak to any realtor in his work and must rely on the cold facts.<\/p>\n

4. Condo Mortgages More Difficult to Obtain <\/strong>In addition to qualifying the borrower, the lending institutions have to approve the condo that the borrower is buying in.\u00a0 Cash reserves have to be documented, owner occupancy rates are evaluated, deliquency rates on monthly maintenance charges are examined\u00a0 and if these facts don’t measure up to the standards set, then the loan is denied.<\/p>\n

All scenarios make getting a loan, today, at these fantastic rates difficult.\u00a0\u00a0\u00a0 Statistically, it is quoted that only 3 out of 10 loans are made.<\/strong><\/p>\n

If you are thinking of buying, get qualified by a\u00a0 mortgage broker as soon as possible, before you start looking at properties.\u00a0 Let him know all your financial situations so when you find the perfect home, you will not be disappointed.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

1.\u00a0 Harder to Qualify. Lending institutions are looking at credit scores with a magnifying glass.\u00a0 In the past 620 was good.\u00a0 NOW 680 is better and anything lower than 620\u00a0 gets the potential borrower higher rates and higher fees.\u00a0 740 gets you a terrific house but that is an optimum number that most people don’t<\/p>\n

Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":130092,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_expiration-date-status":"","_expiration-date":0,"_expiration-date-type":"","_expiration-date-categories":[],"_expiration-date-options":[]},"categories":[11767],"tags":[],"yoast_head":"\nFive Important Reasons Why Getting a Mortgage Is Getting Tougher Even When Rates Are Low - BHHS EWM Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Five Important Reasons Why Getting a Mortgage Is Getting Tougher Even When Rates Are Low - BHHS EWM Realty\" \/>\n<meta property=\"og:description\" content=\"1.\u00a0 Harder to Qualify. Lending institutions are looking at credit scores with a magnifying glass.\u00a0 In the past 620 was good.\u00a0 NOW 680 is better and anything lower than 620\u00a0 gets the potential borrower higher rates and higher fees.\u00a0 740 gets you a terrific house but that is an optimum number that most people don’tRead More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/\" \/>\n<meta property=\"og:site_name\" content=\"BHHS EWM Realty\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/EWMRealtyInternational\" \/>\n<meta property=\"article:published_time\" content=\"2010-06-02T06:28:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-04-23T20:53:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ewmrealestate.com\/blog\/wp-content\/uploads\/2019\/06\/BHHS-On-Solid-Background.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"376\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Admin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/\"},\"author\":{\"name\":\"Admin\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#\/schema\/person\/c02e56ee015dc7d104143c38d8028970\"},\"headline\":\"Five Important Reasons Why Getting a Mortgage Is Getting Tougher Even When Rates Are Low\",\"datePublished\":\"2010-06-02T06:28:14+00:00\",\"dateModified\":\"2019-04-23T20:53:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/\"},\"wordCount\":378,\"publisher\":{\"@id\":\"https:\/\/ewmrealestate.com\/blog\/#organization\"},\"articleSection\":[\"EWM News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/\",\"url\":\"https:\/\/ewmrealestate.com\/blog\/five-important-reasons-why-getting-a-mortgage-is-getting-tougher-even-when-rates-are-low\/\",\"name\":\"Five Important Reasons Why Getting a Mortgage Is Getting Tougher Even When Rates Are Low - 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