Mortgage Requirements Tightening

Oct 20, 2007

Paying your bills a bit late? Not a good move if you are looking to buy an apartment. Although the current mortgage crisis has not lowered prices in the Manhattan Real Estate Market, it has certainly made it more difficult to obtain financing, particularly if your credit scores are less than stellar. Credit scores have become a major determining factor in recent months if you want to get a low interest rate, or even being eligible for financing. Ideally, you want your credit score above 800. The low 700's are no longer acceptable for the best rates. So, please pay your bills on time! Another mortgage tip: Banks want to see at least two consecutive years of employment if you have made a career change.

Don't Let Newspapers Scare You From Owning >

Visit the archives or search for topics that interest you.