It’s a new year, which means new opportunities for potential home buyers and sellers. In fact, now seems like a good time to look at why qualifying for a mortgage might be easier in 2022. Sounds like good news for buyers!
Before we skim the surface of why qualifying for a mortgage might be easier in 2022, let’s be clear about one thing. Every situation is unique. There is no one-size-fits-all when it comes to real estate transactions.
However, there are experts who spend their time analyzing data and offering glimpses of what could happen.
In this case, industry leaders predict inching up interest rates could help potential borrowers. Additionally, the flurry of refinancing is showing signs of slowing down. Again, this trend is favorable for those in the market for a mortgage.
To attract more home buyers, lenders could make it easier to qualify for a loan in the coming months. It’s also possible lenders will return to the days of low-down payment loans with more flexibility; thus, opening the door to a new market of qualified home buyers.
Things to Do Now
Even though qualifying for a mortgage might be easier in 2022, there are no guarantees. But there are things you can do now to improve your chances later.
For instance, if you are considering applying for a loan, check your credit score and your credit report. Try to pay down any outstanding debt. Consider adding extra income with a side hustle—to name a few.
Are you wondering how this may apply to you? Now may be a good time to find out!
If you would like to talk about your options when it comes to buying, selling or both in our area, contact Ryan. For more real estate news, local trends and property spotlights, continue to read our blogs.