03 Aug Mortgage Market Updates You Should Know
Many homeowners have either refinanced or purchased new homes due to favorable market conditions lately. Fannie Mae and Freddie Mac project this continuing into August so if you are planning on a refinance or a new home now might be the right time. As well, if you have family or friends wanting to buy a new home let them know you have a lender who can help.
This is what you need to know if you are considering a new home loan:
If you can improve your mortgage rate based on today’s rates make sure to speak to a licensed mortgage advisor to see if now is the right time to lock it in. We are here to walk you through the steps and let you know the documents you need to submit. It’s easy to apply and there is no obligation to see how we might be able to help. Give us a call to determine what is needed based on your circumstances.
Available Loan Products
Many people don’t realize that there are a variety of loan products for different circumstances. This applies to refinances as well. We offer both traditional loans and non-traditional products for new purchases and refinancing current mortgages. We offer VA loans for veterans, Bank Statement loans for self-employed people, Jumbo loans for those wanting higher priced homes among others. Call us for details or visit us online to view our loan options.
The Market Looks Good
According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 17, 2020, loan application volume increased 4.1% from the week earlier. The refinance portion of mortgage activity increased 64.8% week over week for the same time period. The other good news is that forbearance is down 6 basis points to 7.74% from 7.80%. Fannie Mae and Freddie Mac also report a 15 basis point drop in forbearance for the seventh week in a row. This is great news as more homeowners are able to pay their mortgages making for a healthier economy.
We Can Help
Even if you aren’t sure you qualify or just have questions we welcome your call. We can let you know if it’s possible right now or help you determine what you need to do to qualify for a loan in the future. Our specialty is listening to your circumstances and providing a loan solution.
We hope this information is helpful and instills confidence to move forward with your goals whether it is a refinance or a new home purchase. We are your full-service lender ready to help!