Lenders Will Likely Want To Compete For Your Mortgage Business Right Now


Lenders Will Likely Want To Compete For Your Mortgage Business Right Now
By Scott Rogers • January 31, 2024
Mortgage interest rates have been dropping for the past three months -- BUT -- they are still much higher now than where they have been for most of the past 10+years. As a result, we are seeing lower levels of home buying activity, which means fewer mortgages -- and there are definitely far fewer refinances happening right now. All of this means that lenders will very likely want to compete for your business. If you are buying a home, have good credit and maybe even a downpayment -- there will likely be many lenders who would love to finance your home purchase for you. Some general recommendations are... [1] Start by talking to one lender to get a pre-approval letter prior to making an offer. [2] Once you are under contract to buy a home, knowing the specific property and specific price, go back to that first lender as well as several others to compare rates and terms. [3] Try to get each lender to simplify things down as much as possible related to closing costs and monthly payments so you can compare apples to apples. [4] Don't hesitate to take one lender's quote to the other to ask them if they can match or beat it. [5] If two lenders are pretty close in the terms they can offer you, give some preference to a local lender (who you can meet with in person if things go awry) and to a lender that is prompt, professional and detail oriented in their communication. Happy mortgage shopping! Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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