High pressure to buy homes due to historically low mortgage rates - KMOV.com

High pressure to buy homes due to historically low mortgage rates

ST. LOUIS (KMOV) – The pressure to buy a home or to refinance is greater than ever due to historically low mortgage rates, but because lending standards have tightened since the recession, not everyone will qualify.

This means access to a low mortgage rate won’t be easy unless buyers or those looking to refinance have good credit or pay points.

Some lenders even want 20 percent down for new home purchases.

Other factors that matter include length of employment, and loan to value of the property.

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