A couple of years of ago, a credit score of 680 was enough to qualify for a very good interest rate. Actually, a few years ago all you needed was a pulse. If you’re looking to apply for a loan, you should read this article entitled Loans tight even with good credit:

Now 680 is the line of demarcation for who qualifies and who qualifies for a competitive rate,” said Greg McBride, senior financial analyst for bankrate.com, a financial Web site. “The further below 680 you are, the tougher it gets to qualify. Before, if you had a pulse, you could get a loan.”

The lack of available credit has made it tougher for some consumers to get loans. And with the recent enactment of the Credit CARD Act, many in the financial world have predicted credit will become even more difficult to get.

The difference between an excellent credit score and a mediocre number could save you hundreds of dollars each month in mortgage payments or auto loans. And with a low credit score, buyers may have trouble getting a loan.

Someone financing a $200,000 home with a credit score between 760 and 850 could have a monthly payment of $1,036 on a 30-year fixed mortgage, according to Informa Research Services. But with a credit score between 620 and 639, the monthly payment rises to $1,235.

As a broker I see the tightening of credit as a serious potential problem, thus, I’m not willing to call the bottom until I know how this credit issues is going to play out.

Your thoughts?

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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