Getting A Mortgage Is Getting Easier

Getting A Mortgage Is Getting EasierHow Buying A Home Is Becoming Easier

After the housing market crashed and fed us into the Great Recession, regulations around mortgages tightened and the amount of credit available decreased. After the highest amount of access to home loans peaked in 2004, crisis struck America in 2007. By 2010, access to home loans was at its lowest point, making it all but impossible to get a home loan without flawless credit and a large chunk of money for a significant down payment. Fortunately, times are changing and it is again becoming easier for people to get the mortgages they need to become homeowners or upgrade their living situations.

Zillow released its inaugural Zillow Mortgage Access Index, giving further evidence to what lenders have already been seeing- it is now easier to get a mortgage than it has been in the last five years. The index shows that the mortgage market has actually come two-thirds of the way back to 2002 levels. In order to figure out how many people had access to mortgages, Zillow looked at debt-to-income ratios, credit scores, private mortgage insurance, second mortgages, Zillow mortgage quotes, and the spread of mortgage rates.

Just one year ago, people with fair credit and a small amount of money for a down payment were only able to qualify for loans through the Federal Housing Administration. Today, those borrowers are more easily able to get a conventional loan with private mortgage insurance.

If you would like to learn more about how the mortgage market is changing and how it affects you, contact Avis Lending today. With offices in Irvine, California and Lahaina, Hawaii, we are here to help you get the home loan you need to get into your dream home this year, while access to mortgages is high and interest rates are low. Call us today!

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