3 in 10 americans fail to qualify for a mortgage

3 in 10 Americans are failing to qualify for a mortgage, according to research from Zillow.

The firm’s stats show that despite the market’s recovery and strong affordability of US real estate, borrowers with credit scores under 620 applying for 30-year fixed, conventional loans were unlikely to receive even a single quote in September 2013; unchanged from 2010.

Erin Lantz, director of mortgages at Zillow, comments: “Your credit score is the single most important factor in determining your mortgage interest rate and monthly payment. To avoid any surprises when buying a home, check your credit score and report at least six months before you intend to buy to see if there are any costly inaccuracies, pay down high-balance lines of credit and make sure your bills are always paid on time.”