.........
..................Michael King
...........The Cajun Contractor
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TRYING TO BUY A HOUSE
Question: I am trying to buy a house. I have a decent credit score of about 660, but the mortgage broker I’m working with says I will have to pay an extra $2500.00 or so in up-front loan charges because my score is below 680. What gives?
Answer: Your credit score of 660 would have easily qualified you for a low-rate mortgage when home prices were still soaring a few years ago. But now that values in many areas are slumping and defaults are rising, banks are taking a far more cautious attitude about issuing new loans to borrowers—especially to those who don’t have a top-tier credit rating. I have received several letters like yours in the past few months as the banking crisis has worsened, so I’m devoting this column to answering some of the most common questions about the new guidelines many lenders have adopted.
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