Orla McCaffrey

speaker

593 appearances 13 recordings 1 series first heard Mar 2020 last heard Jun 2022

Orla McCaffrey’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · In a Strong Mortgage Market, Millions Can't Get Housing Loans · 2 Apr 2021 podcast

Typically, they like to see that you've had steady employment for at least two years. matched

Potentially, there might be more stringent requirements if you're self-employed. matched

After that, they want to make sure that you don't have too much debt relative to your income. matched

And credit score is another important thing they look at, but not necessarily the main factor. matched

So the people being approved for mortgages right now have really stellar credit. matched

There are people in the 800 Club. matched

70% of mortgages last year went to people with credit scores of at least 760. matched

That's both refinances and purchase mortgages. matched

So that really just shows that lenders are just choosing the best of the best in terms of matched

applicants because they have so many to choose for because demand for mortgages is so strong. matched

That 70% in 2020 with high credit scores, that was 61% in 2019. matched

So that's quite a jump from one year to the next. matched

Definitely. matched

There's definitely a segment of people here who would have qualified pre-pandemic, who have moderately good credit scores, not a ton of debt, but maybe they just have like one or two unfavorable things on their credit record, or maybe not at all. matched

They're just not the best candidates, and those are all reasons that a mortgage might not get approved. matched

So typically you would think, yes, rising mortgage rates kind of stifles demand and makes people say, okay, well, I'll just try next time. matched

But people are kind of realizing now that this is an upward trend. matched

Mortgage rates are likely to continue rising as the economy recovers. matched

So the rationale right now is kind of shifted to, well, maybe this is my last chance to get a super low mortgage rate. matched

Maybe I should try even harder now. matched

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