For the first time since 2012, getting a mortgage today is harder than it was a year ago.
Source: www.zillow.com
For the first time since 2012, getting a mortgage today is harder than it was a year ago, largely because lenders are raising the bar on what they think is a minimally acceptable credit score.
To avoid the housing bubble of recent memory, lenders have maintained higher credit standards as opposed to giving loans out to any that could “fog a mirror”.
While this approach my be painfully slow for some, it shows good restraint is a healthier long -term option for the housing market and economy as a whole.