Mountain Realty Group

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 theirMortgage Credit Availability Index (MCAI). According to theMBA, 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 – th

Tip #1: Wash Your House’s Face Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.  A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways. Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don’t forget your garage door, which was once bright white. If you can’t spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate — TSP, available at grocery stores, hardware stores, and home improvement centers — dissolved in 1 gallon of water.  You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds — depend