In order to buy a house, you have to gain approval to borrow enough money to pay for it. After all, not many of us have a couple hundred thousands dollars in cash lying around. So most buyers, before they start their home search, will have to obtain a pre-approval. But the standards for determining whether or not a buyer’s qualifies are not permanent. There are times when getting a mortgage is harder and others when it’s easier.
Mortgage Approval Easier in February
Because of this, the Mortgage Bankers Association’s Mortgage Credit Availability Index tracks whether standards are tightening or loosening from month to month. According to their most recent report, getting a mortgage got easier in February. In fact, Joel Kan, MBA’s associate vice president of economic and industry forecasting, says credit availability is at its highest point in months. “Credit availability increased to its highest level since May 2021, driven by growth in jumbo loan programs, as well as those that include allowances for ARMs and expanded credit score and LTV requirements,” Kan said. “In a period of rising interest rates, affordability challenges, and declining volume, lenders have made efforts to slightly broaden their product offerings.” Follow the link for more information.
Here at A1 Mortgage, we know how important it is to choose the right house for you and your companion. We have the responsibility to provide you with the best products and the highest level of customer service possible. With hundreds of loan programs available, we tailor a loan specific to your needs. So come get pre-approved and start shopping for your dream home by clicking here!