The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.The Mortgage Bankers Association (MBA) quantifies the availability of mortgage credit each month with their Mortgage Credit Availability Index (MCAI). According to the MBA, the MCAI is:
“A summary measure which indicates the availability of mortgage credit at a point in time.”
The higher the index, the easier it is to get a mortgage. Here is a chart showing the MCAI over the last several months as rates have increased.
Have requirements for attaining a mortgage actually eased?
Yes. Here are two examples:
FICO® Score – the credit score which helps determine a buyer’s eligibility. The score required to attain a mortgage has been falling over the last five months:
Down Payment Requirement – the percentage of the purchase price necessary to place as a down payment on a home. To make this point, let’s look at the percentage of first-time buyers who have put less than 5% down over the last several years as compared to the 1st quarter of 2017:
Whether you are a current homeowner looking to move to a home that will better serve your family’s current needs, or a first-time buyer looking for a starter home, it is easier to get a mortgage today than it has been at any other time in the last ten years.
If you are looking to buy a home whether its your 1st or 20th its important to choose the right agent. This decision could cost your thousands of dollars! Go to www.why-buy-with-us.com and see how we can help you!
Team Olsewski’s uses a team approach to help individuals sell, buy or invest in Real Estate; they are also experienced short sale specialists. They offer an extensive internet based marketing program that sets us apart from other agents.
Why choose a Team? The simple truth is that a team will always out-perform an individual agent. Is working with an individual a bad thing? Not at all. Once up on a time, everyone on our team was an individual agent.
Team Olsewski’s work ethic and focus while working with their clients to achieve their goals is what truly sets them apart as one of the leading real estate Team’s in Southwest Riverside County. Always working as a team to achieve their client’s goals and having the ability to sense changing market trends as well as long term projections in the real estate industry makes Team Olsewski one of the best in their profession. As a Certified Internet Marketing specialist Team Olsewski has the training and knowledge to help homeowners looking to sell gain the most online exposure for their listing. Ultimately netting them the most when they sell. Team Olsewski’s has extensive experience successfully closing tough short sales with many different lenders.
Team Olsewski has multiple dedicated buyer’s agents who work exclusively with our buyers. This maximizes the home buying process thus insuring our buyers have the best possible home buying experience.
We service the Temecula, Murrieta, Winchester, French Valley, Menifee, Wildomar, Hemet, Perris, Moreno Valley, Lake Elsinore, and Corona area’s of Southwest Riverside County.
Whether you are looking for the perfect home to suit your lifestyle or want to sell your home quickly and at the highest value, Team Olsewski is the real estate Team for you. Working with you as a team, they will help you achieve your long-term and short-term goals. Team Olsewski brings the full range of their talents to make the most out of your largest investment, your home.Call them today!
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Some Highlights: The Cost of Waiting to Buy is defined as t
"We had our house on the market for one year with two different realtors. Unfortunately, we did not sell our house in that year and the realtors we used were less than ideal to work with. They were the reason our house did not sell and they made empty promises without any follow through. We spent hours trying to get them to do the job we thought a realtor should be doing, basically working to get our house sold. We were at our wits end with what to do considering our house value had gone down significantly in that year. We came across Tom when we were advised to do a short-sale on our house. Tom was skilled in short-sales but we were still hesitant about any realtor because of our previous experiences.
Tom was a breath of fresh air! He was excellent to work with and was always available to answer any of our questions. He always answered his cell phone when we called him; I don’t think my husband or I ever received his voicemail when we called him. He was diligent about trying to get our house sold and had to spend countless hours trying to get our bank to accept an offer on the house. We know he put in a lot of additional time to get our house sold, but never did we hear anything but positive, reassuring comments from him. He always assured us that he would do whatever it took to get our house sold and he did just that! We finally closed on the house last week and are so blessed that Tom was our realtor. Without his expertise we would have probably ended up with a foreclosure instead of a short-sale. He did exactly what he promised he would do for us and I would highly recommend him to anyone looking to sell or buy a home! If you are looking to short-sale your home, there would be no one more qualified for the job than Tom!"