Mortgage rates seem too good to be true
They’re at great levels but credit score rules, high fees, stingy lenders are obstacles
Brian Wickert, a mortgage banker, prides himself on screening applicants carefully. That’s why he was stunned when a customer who sailed through four home loans tried to do a refinancing in January, only to be rejected by three national lenders.
The borrower’s credit standing and income were solid, said Wickert, president of Accunet Mortgage based in Butler, Wis. The problem was that, with home sales plummeting along with prices, the appraiser couldn’t find the required three comparable sales in six months within a one-mile radius.
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