My little corner on mortgage loans
A better credit score, cleaner credit history and more money down are now required for most loans. Because of those requirements, less people who apply for a home mortgage are actually approved. Homeowners looking to refinance are under the same scrutiny. Many lenders are now requiring at least 20 percent equity and a credit score of 700 or higher to qualify. Having sufficient equity to qualify has been a challenge for homeowners in markets that experienced a significant drop in values.