“We just really heavily speak to that in the preapproval process, making sure they understand the temporariness of the rate, the importance of the rate,” he said. “We talk about permanent buydowns, we talk about adjustable-rate mortgages, we talk about the future opportunities to refinance and having reduced cost to refinance.
“We talk about the importance of getting into the market – because it’s an investment. If you get in the market, you can get a fair price on a home even if you overpay a little bit. We’re going to continue to see home values appreciate, because it’s a supply and demand issue.”
Mortgage applications dipped as long-term rates rose for the third straight week, hitting levels not seen since late 2023.https://t.co/owU9E3yret#mortgageindustry #mortgageapplications #economy #mortgage
— Mortgage Professional America Magazine (@MPAMagazineUS) April 25, 2024
Region among US’s hottest for real estate
Upstate New York has emerged as one of the most coveted areas for real estate in the US, with Redfin reporting in October that Albany, Rochester and Buffalo represented three of the fastest-growing housing markets in the country.
Zillow, meanwhile, predicted at the beginning of the year that Buffalo would become 2024’s hottest market – and for Rankin, based in Latham near Albany, education has been a key component of bringing in business this year.
“I’m a big ‘why’ guy,” he said. “Once I understand how something works, I can execute. I think [you need to] help your clients understand how it all works together – statistically, data-wise, future affordability: ‘Maybe I can pay off this car to reduce my overall expenses. I can afford a little bit higher home, a little bit higher rate.’
Source: mpamag.com