MBA: Residential financing availability holds steady this fall
Posted on Friday, October 3, 2014 at 9:07:06 AM
Access to affordable residential financing is incredibly important to the overall success - and growth - of the current U.S. housing market.
Thankfully, a report from the Mortgage Bankers Association showed that mortgage credit availability has held steady in September, still at a reading of 116.1, the same as August. Higher numbers indicate looser lending standards, while the benchmark is set at 100.
When the Mortgage Bankers Association reading begins to decrease, it would be a sign that lenders are tightening their standards, and that could mean that borrowers will have a tougher time getting the residential financing they want.
If you are planning on applying for a mortgage any time soon, you should first ensure you have taken all the right steps in advance. First, check your credit. Any flaw here could jeopardize your attempts at financing, regardless of how loose standards are. Also, try to take your time. If conditions aren't right for you, don't force the issue and move forward. Remember, you have power as a consumer, and you can leverage that to get the best deal possible.