There's good news for home buyers: It's finally getting easier to get a mortgage loan. After tightening their lending standards during the pandemic, it seems mortgage lenders are starting to loosen the reins a bit.
In fact, according to the Mortgage Bankers Association, mortgages were about 2.2% easier to come by in April than in March. And on some types of loans? Mortgage availability was up as much as 12.6%.
Here's what the change means for home buyers (and refinancers).
| | |  | Credit dings are pretty much inevitable when you apply for a new credit account, open a loan, or close one. And refinancing your mortgage involves all these steps. However, the credit hits from applying for and opening a refinance loan are very small — often "less than five points," according to FICO. The savings you're likely to see from refinancing should far outweigh any negative impact on your credit. So don't let that be a concern when you apply. | | | | | |
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