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The mortgage crisis left many people unsure of what they need to do to secure a home mortgage loan in today’s economy. From credit score concerns to down payment questions to picking the right type of loan, there are many variables in play as you think about homeownership in 2021. Recent data tells us that mortgage lending standards are still tight so planning the best way to present your situation to home mortgage lenders is more important than ever.
Many people don’t know the appropriate credit score for mortgage approval. Many people don’t know if their credit score is good or bad (or somewhere in between) due to shifting industry standards since the sub-prime lending crisis in late 2008. The truth is, there is no magic credit score needed for mortgage approval. What was good credit just a few years ago is now concerning as banks have less money to lend and are more restrictive with whom they lend funds.
When deciding to repair your credit history, it’s important to see the long term advantages that lead to a solid credit rating in the future. There are no quick fixes to poor credit reports other than realizing starting the above steps today is better than putting things off until tomorrow or later.
For more help about what’s needed to secure a home loan or to get set on a plan toward home ownership, trust the mortgage loan experts at Sammamish Mortgage where people realize their dreams of homeownership every day.
Will you need mortgage financing to buy a home in Washington State? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest for more than 25 years including WA, OR, CO & ID. We offer a wide variety of mortgage programs and products with flexible qualification criteria. Please contact us today with any financing-related questions you have.
Immediately after the housing crisis, buyers with poor credit struggled to find home mortgage loans. Now, the market has changed the buyers with poor credit have more options when it comes to mortgage financing. This article discusses some options for those who have bad credit but are in need of a mortgage to buy a home in Washington.
Summary: One of the major factors that influences a person’s ability to secure a mortgage is their credit score. But what if your credit score is lower than it should be? Are you doomed to have your mortgage application rejected?…