The mortgage industry has seen some of the lowest rates in history in 2021 and 2020. Usually, springtime means that busy season has officially begun for the home loan business. This year is no exception. To keep you informed, here are some tips that further explain why it is a great time to buy or refinance. This list is a combination of industry information and new information directly from us.
Rates are trending up, but they are still low
From various news reports from the last two weeks, reports say rates are trending up. According to CNBC, there has been a stall in the demand for mortgage applications. The Mortgage Bankers Association said it rose 0.5%, which barely an increase. The national mortgage rate however is now hovering around in the threes. In February, rates were in the twos. Rates are slowly inching up. If you were on the fence about if you should buy a home right now, one thing to think about is how low rates still are. However, no one knows how long these rates will be around for.
New currency is being accepted
The mortgage industry is making new leaps and bounds every day. This is not only due to the fact that the pandemic has forced many industries to get creative and find new ways to do things, but because organizations stay innovative to keep charging ahead. A hot button topic is cryptocurrency. People are finding ways to use digital currencies in everyday life, including the mortgage process. Our organization believes in innovation. Some exciting news we shared recently includes that we will now accept bitcoin as a form of down payment.
Inventory is shrinking, but still available
One in five potential homebuyers have spent more than a year looking for a home, according to mortgage industry experts. The National Association of Realtors said housing inventory fell to a record-low of 1.04 million units, at the end of January. However, sales in existing homes has steadily risen for the past two months. Inventory is waning due to increased sales, however there are still homes on the market. It is best to act now before the home you want is gone.
There are different loan option available to you. Whether you are looking for a conventional mortgage, an FHA loan or to refinance, we’ve got you covered. As a direct lender, we have a streamlined beginning to complete the mortgage process in house.
I hope you took some important bits of information away from this article. Making sure potential homebuyers are confident and prepared for the mortgage process is important. You should go into the process prepared and ready. There are always news topics and ideas to discuss about the mortgage business. Stayed tuned for more information that you need to know before you buy a home.
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The Home Loan Expert
