That’ll see new opportunities and challenges for brokers and LOs looking ahead. “When rates come down, people will refinance for sure, and they’ll be more confident to go out there and buy a house,” Nguyen said. “I always advise my agents that they need to become a better loan officer because competition is going to … [Read more…]
Gross domestic product Gross Domestic Product, or GDP, is a metric which takes into account the value of end-user goods and services in a given survey period, whether quarterly or annual. It can be calculated in three ways by focusing on production, incomes, or expenditures and it is used to provide insight to the size … [Read more…]
That’s due mainly to potential buyers anticipating further rate drops down the line, according to Lock It Lending loan officer Melissa Tubau (pictured top). Homebuyers waiting to time the market Tubau told Mortgage Professional America that would-be homebuyers appeared to be waiting out the market to see if rates would fall even lower – and … [Read more…]
Here are the top 10 markets for VA loan buyers, ranked in order: Tampa-St. Petersburg-Clearwater, Fla. San Antonio-New Braunfels, Texas Cleveland-Elyria, Ohio Rochester, NY Buffalo-Cheektowaga, NY St. Louis, Mo. Detroit-Warren-Dearborn, Mich. Birmingham-Hoover, Ala. Providence-Warwick, R.I.-Mass. Houston-The Woodlands-Sugar Land, Texas. “As home prices continue to rise and with interest rates double what they were just two … [Read more…]
“A lot of borrowers call and immediately start with ‘I want to do 20% down. I want a 30-year fixed loan’,” he said, explaining how many clients are unaware that putting slightly more down could yield better rates, especially when purchasing specific types of properties like condos. This is where the expertise of the loan … [Read more…]
Minami’s current holdings also include 6,655 shares of unvested restricted stock, which are set to vest on May 15, 2025, provided he continues his service with the company through that date. The transaction was officially documented on August 26, with David Gordon signing off as attorney-in-fact for Minami. The Atlanta-based real estate investment trust, focused … [Read more…]
“Americans need to earn more than a year ago—and much more than before the pandemic—to afford a starter home because mortgage rates are elevated and home prices are near record highs,” the report noted. The typical household earns an estimated $83,966, which is just enough to afford a starter home. However, many people in the … [Read more…]
If a bank’s capital falls below its total requirement, it will face automatic restrictions on capital distributions and discretionary bonus payments. The Fed also announced a modification to Goldman Sachs’ capital buffer. After the bank requested a review, the Fed agreed to lower its stress capital buffer requirement from 6.4% to 6.2%, taking into account … [Read more…]
A new captain at the helm With turmoil in Japan, US job claims not as strong as previously believed, and inflation beginning to level off, “interest rates are for sure on the downswing,” Haddad noted, adding data indicates two more rate cuts this year. But although the current rate environment is the hot topic, it’s … [Read more…]
Darrell Weekes of Purple Thread Marketing advises mortgage brokers to focus on two free tools for lead generation: Google Business profiles and LinkedIn. Read more: https://t.co/HT0PgwaMBu — Mortgage Professional America Magazine (@MPAMagazineUS) August 26, 2024 That shift has seen a growing number of companies pivot to a new business model, focusing on either a discount … [Read more…]