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Communicating with borrowers on rate changes

The first thing we do in the morning is look to see what is happening with mortgage bonds and rate pricing compared to the day before. Depending on this information and what the day's outlook is for mortgage rates, we will reach out to clients and update them on rates and pricing for their upcoming purchase or pre-approval.

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Building a home might be the cheapest route for obtaining your dream home in 2023

2022 year end home sales are surprising economists and financial experts. Demand for homes increased in October and has not slowed down in November. We still have the inventory issue haunting us from the 2020-21 COVID pandemic, with just 1.2MM homes for sale, we are well below the targeted homes for sale to be in a healthy housing market. Any homes coming for sale that are what we like to call “beer in the fridge, ready to go” are still selling in record time. While we are still seeing overpriced homes or homes that have not been updated or cared for taking longer to sell.

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Buydowns are the secret for buyers to beat the market

With the release of seller buy downs for potential homebuyers, there is some immediate relief to the higher mortgage rates. Buyers are able to put as little as 3% down on a new home and receive a seller contribution towards the buyers’ closing costs of up to 3% of the loan amount. The average buydown costs approximately 2 pts for the popular 2-1 buy down you see advertised, giving the potential buyer an additional 1% of the loan amount to credit towards closing costs or buying down the initial rate.

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You are now eligible to receive a Conventional Conforming Loan up to $715k

It's no question home prices have gone up year over year in double digits during the historical COVID-19 Pandemic. And this means the federal government needs to adjust affordability indexes and limits to keep the economy moving. That is why starting September 1st, you are now eligible to get a conventional conforming loan amount up to $ 715,000.00 – In 2021, this limit was $ 647,250.00. This is a $ 67,000.00 increase in home that you can now purchase with as little as 3% down payment.

This is a HUGE win for new family formations looking to get into better school districts, better towns, better lifestyle areas of your respective city. If you want to know more, please reach out to us. We have a vast amount of information and analytics at your disposal to make the best decision when buying your first, second, or 5th home.

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When is the right time?

It is challenging to navigate finding a property mortgage today. The stock market and treasury bonds are moving up and down at a rapid rate, very close to the previous stock market and bond market crashes some of us have experienced up to today in our time on this earth. What is true is the United States always bounces back. The Stock Market, Housing Market, Bond Market, and Small Business all may experience pain for a short time. Short time is not defined by weeks or days. It is defined in years, like 1 or 2 years. What always remains true is that it comes back, and usually with a vengeance.

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Check your zip code - better interest rates ahead!

Home prices are again still increasing, opposite of what the news is continuing to sell to you on the TV, Radio, and paper. But rates just got better though the market is increasing. If you are in the below zip codes, you can expect to receive a .125 - .25% better interest rate for buying a home here. This is a HUGE advantage for you as the first time homebuyer. This alleviates the rate and allows you to qualify for a little bit more home.


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