Mortgage Trends that New Real Estate Agents Should Know
Are you planning on buying a home in 2019? If you are in need of a mortgage loan to make that happen then there are some important things that you should know. In terms of mortgage trends and industry development, understanding the current state of the market will be helpful to make better more informed decisions.
Within the past few months rates have dropped significantly and here are a few more trends that are of high interest for the remainder of 2019.
Near Future Possibilities
Within the past 6 months rates have dropped significantly, and better yet, they are predicted to remain low. By low, it seems that these rates of 30 year mortgages will remain at about 5% for the remainder of the year which is a very important trend for a future home-buyer to look into. Due to this it is possible that there could be a translation into better home sales alone in the coming months.
Conventional Loan Requirements
In years past, conventional loans have become more available to people because of the availability of credit, especially for individuals who tend to have higher levels of debt. With that said, the default risk has risen over the years which happens because of people that do not pay their mortgages. When that happens, it becomes easier to qualify for a conventional home loan hence why individuals with higher debt levels and lower credit scores are likely to get approved for a loan.
A Higher Price Home Mean Bigger Down Payments
It all depends on where you are buying your home and what the current market is looking like in the eyes of the mortgage broker. In addition to this, because the drop of rates in the last few months, most down payments have become larger, therefore, causing more people to pay large down payments than in years past.
Your mortgage broker will want to give you the best deal you can get while the rates are low in order for them to get a good return on their investment. With our rates and loans our requirements are there to suite you for whichever loan you feel you best apply for. Have your mortgage broker contact us today to learn more about our different types of loans!