Great Credit Will Get You Places
Posted by Bill True on
You can go places with good credit---and Hilton Head Island is a great place to be! Today’s mortgage finance market is all about credit for the best. According to Bloomberg News, 2016 Q1 numbers from the Federal Reserve Bank of New York’s consumer credit panel, 58% of the $389 billion in mortgage originations (or 51% of the total loans) went to those with an Equifax Risk Score of 760 or higher on a scale of 280 – 860. During the same quarter in 2004, the prime group received 23% of the mortgages.
Borrowers whose score fell within the range of 620 to 659, viewed by lenders as below-prime credit, received just 4.6% of the dollar volume of mortgages for 2016 Q1. This group comprised 6% of purchase mortgage applications during the first quarter of…
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