Home Mortgage Refinancing and Increasing Credit Score Requirements
May 22nd, 2009
The collapse of the subprime home mortgage lending industry, combined with continued falling home prices and the tightening of credit has caused many changes for qualification requirements and interest rate offerings by refinancing lenders. Initially, there was a bump up across the board regarding credit score ratings and their impact on the refinance programs being offered to qualified home loan borrowers.
Unfortunately, for those refinancing now, those credit score requirements continue to creep up the ladder. What’s more is that the credit score bands also appear to be tightening. This means that your credit score is more important than ever for home mortgage refinancing rate qualification. The industry is in a scramble right now, and credit score requirement changes are just a reflection of a housing market and economy in turmoil.
Entry Filed under: Business
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