Today, mortgage rates are the lowest they’ve been in years. It’s the ultimate time for home seekers to become homebuyers, and home renters to become homeowners—so why aren’t people rushing to their mortgage advisors to begin the buying process? According to The Washington Post, it’s most likely because of their sub-perfect credit scores. Many people fear they will not qualify for a mortgage with an imperfect credit score, but this is not true!

Due to their fear, potential buyers without stellar credit ratings are not applying for loans at the same rate they had been in the past (when interest rates were higher). Research from analytics firm, CoreLogic, has uncovered that in 2005, 25 percent of loan applicants had credit ratings of 640 or lower. This number today is closer to five percent. In other words, many people seem to believe that they'll be unable to qualify for a mortgage - which isn’t accurate! 

An imperfect credit score really shouldn’t prevent you from applying for a mortgage! In fact, within the past year, lenders have drastically increased the average credit scores they are willing to accept.

If you've been considering a mortgage but are worried your credit score may be too low, or if you just have questions about the market, contact one of our mortgage loan specialists today. You may be more qualified than you think!