I’m getting more phone calls this week from homeowners who have been turned down for a mortgage refinance because they had F.I.C.O. scores less than 600. This is no wonder since this week, lenders have once again raised the bar on mortgage applicants as the pressure from the regulators heats up.
With the housing industry and lending markets in turmoil, the federal regulators continue to turn up the heat and this means it is getting more difficult for anyone to get approved on a mortgage loan. With the underwriting guidelines continuing to reel in, those who have been wanting to get refinanced to a lower rate will be turned away in droves.
Those who want to get a rate reduction and perhaps change their loan term or perhaps get a fixed rate instead of an adjustable they currently have may get approved if they contact the right mortgage expert. I have seen borrowers get a rate below 5% 30 year fixed with F.I.C.O. scores well below 600. A low F.I.C.O. score should not be a reason to be turned down for a lower interest rate mortgage!
If you have been turned down time and time again, you might have already given up. Now may be the time to give it one more shot. I can’t guarantee an approval to everyone, but I can get approvals done today that I haven’t ever been able to get done. While the underwriting guidelines are getting tighter for most, I find I have more ways to get people a lower rate on their mortgage than ever before.
Bill Burress, Nationwide Mortgage Expert has over 27 years experience in the mortgage business . For information on getting approved for a mortgage refinance or any of your mortgage needs, You may contact Bill Burress, Nationwide Mortgage Expert at Toll Free 1-800-239-1416. or fill out the 30 Second Inquiry Form
Now originating mortgages and modifying mortgage loans in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington D.C., West Virginia, Wisconsin and Wyoming.
