Any home buyer that is fortunate enough to take advantage of the current mortgage loan rates is lucky indeed. The current rates are the lowest banks have offered to homeowners in the last 60 years. Literally thousands of dollars are being saved over the entire mortgage life.
The rate is less than 4.5% for a 30 year fixed mortgage rate. However, only home buyers that have extremely good credit are able to take advantage. One thing the media is not sharing when they tell the public about the record setting mortgage rates is the down payment needed to take advantage of these great mortgage rates. Along with great credit the down payments for these low rates is usually 20% or more to qualify.
Based on analysis of FICO… » Read more