After losing his truck driving job in December and taking a pay cut when he landed a new job, Mark Lambert would love to trim a few hundred dollars off his $1,755 monthly mortgage payment by refinancing to a bargain-basement interest rate.
It's not going to happen.
Even with interest rates at historic lows and billions of new government dollars flowing into the financial system, getting a mortgage today often isn’t as smooth as it used to be. The difference between wishing for and actually getting a great deal on a mortgage can be a few dozen points on a credit score, or a few thousand dollars on an appraisal.
Of course, to get the lowest rates, you must have a high credit score, generally about 720 or higher.
, January 26, 2009
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