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Through the years, banks continue to become stricter when it comes to lending processes and options. And while this is a well known fact, there are some instances where even borrowers with good credit profiles have had to face [link widoczny dla zalogowanych] being denied.

According to [link widoczny dla zalogowanych] recent reports, loan procedures completed by banks and mortgage lenders were granted to borrowers [link widoczny dla zalogowanych] having a credit score of 750; this is [link widoczny dla zalogowanych] a ten point jump from previous lending statistics showing the stricter and near perfect credit score requirements that lenders now demand. This has [link widoczny dla zalogowanych] an average loan-to-value ratio of 76% while average refused loans had a [link widoczny dla zalogowanych] score of 699 and a loan to ratio value of 83%.
Today many mortgages are supported by federal agencies such as the Federal Housing Administration or through big mortgage-finance names Fannie Mae and Freddie Mac; while lenders still entrust FHA-backed loans scores of 620 and down payments of 3.5%, which is low. An average borrower going through Fannie and Freddie for refinancing has a credit grade of 770, which is extremely high. [link widoczny dla zalogowanych] While the highest score is 850, many borrowers do not have a score above 800. However, the current average score to refinance mortgage through Fannie and Freddie is now at 720, which was earlier considered good [link widoczny dla zalogowanych] credit.
Conforming loans accepted for purchasing new homes has an average credit grade of 764 [link widoczny dla zalogowanych] and down payment of 22%. But now the applications [link widoczny dla zalogowanych] that were denied have a 732 score and down payment of 19%. This depicts tightening credit standards of the banks that have created complexities for the borrowers.
Borrowers with bad credit report have to pay more and are aware with this fact. But things are good for those who have less than perfect grades, given theexorbitant fees they have to pay, they only have to pay a down payment of less than 25%. So if you wish to have to better rates thenyou must have really high credit score. Your 740 credit score is [link widoczny dla zalogowanych] good but may not get the lowest rates.
Honesty towards credit and its product is best policy
We all know that not just good but perfect scores are desirable for living life in the most ideal way. Hence, improvingyour credit report will not only improve your reputation and thus translate to lenders also considering you reliable. You need realize that bad scores will prove to be detrimental in time of need as [link widoczny dla zalogowanych] this could mean that you have to pay higher interest.
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