Is Getting a Mortgage Getting Easier?

There has been a lot of discussion about how difficult it is to get a home mortgage in this market. There is no doubt that the process is not as easy as it was eight to ten years ago and that’s probably good news. However, it does appear that availability to mortgage money is increasing with each passing day.

The Mortgage Bankers’ Association publishes the Mortgage Credit Availability Index (MCAI). According to their site the index is “a summary measure which indicates the availability of mortgage credit at a point in time”. As we can see from the graph below, mortgage availability has been increasing dramatically over the last six months.

Mortgage Availability | Keeping Current Matters

Accompanying the latest index was this comment from Mike Fratantoni, MBA’s Chief Economist:

“A number of factors contributed to a loosening of credit in March: Freddie Mac’s introduction of their 97 LTV program (Fannie Mae’s was implemented in December) [and the] additional loosening of parameters on jumbo loan programs… Although credit remains tight by historical standards, this increase in availability, coupled with low rates and job market strength, should lead to stronger home purchase activity this spring.”

Bottom Line

If you have remained on the sidelines regarding homeownership because you were concerned about your ability to qualify for a mortgage, it may be time to get into the game.

 

Source:  http://www.keepingcurrentmatters.com/2015/04/09/is-getting-a-mortgage-getting-easier/

avatar About Landmark

RE/MAX Landmark is the award-winning RE/MAX Real Estate Office serving all of Eastern Massachusetts and the Greater Boston Area. Reach us at any one of the following locations:
Lexington: (781) 861-7300
Sharon: (781) 784-6300
Stoughton: (781) 341-6100

The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and may not be used for any purpose other than to identify prospective properties which such consumers may have a good faith interest in purchasing or leasing. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations and warranties as to the accuracy of the property listing data and information set forth herein.

Terms Of Use | All Rights Reserved by Landmark | No use without prior written authorization
Web Design by Kristian Themstrup · Powered by WordPress and Genesis