Good Monday Morning! Your Boise Realtor has true Bronco Spirit! It was a great game this weekend; the Boise State Broncos continue to roll and summer has returned for another round. It looks like a gorgeous Indian summer week ahead of us. Keep ‘em coming! I hope that you will visit my Boise Real Estate blog often to stay up to date on the latest news and happenings in the Idaho real estate market, and visit my main Boise Realtor website for the best Boise Home Searches and homes online! Now on to today’s news!
Most Americans now have credit scores that are too low for them to qualify for the lowest rates on a mortgage loan. Nearly one in three are unlikely to get a loan on any terms, according to an analysis by Zillow.
Zillow analyzed 25,000 loan quotes and requests on the Zillow Mortgage Marketplace during the first half of September, and found borrowers were unlikely to receive even one loan quote if they had a credit score of below 620 — even if they offered to make large down payments of 15 to 25 percent.
Even more concerning is that most Americans are not able to take advantage of the low mortgage interest rates for a home refinance either. The fact is that with home values declining as far as they have, far too many homeowners just do not have the equity position to be able to qualify for a refinance. What a shame with rates continuing to hold at historical low rates.
Have An Awesome Week! Here is a current listing with a virtual tour for $1.1M. Enjoy: