First-time homebuyers are entering one of the toughest housing markets in history. What are you doing to ensure they feel good about the process?
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Hello, LOs!
I am excited to share some news with the LendingLife Crew: My wife and I locked a mortgage on a new house yesterday! This is our first house, and man, the process has been a rollercoaster. Considering all the horror stories I hear, my wife and I feel very lucky.
One thing that's struck me as a first-time homebuyer is the benefit in having a well-resourced team to compete in this housing market. There's just so much you're unprepared for as a first-time homebuyer.
Let me give you an example: the seller had requested a limited window for us to conduct inspections, with a relatively high deposit at stake. We were concerned we wouldn't be able to get an inspector and various contractors in soon enough to know what we were facing. Our real estate agent's recommended home inspectors didn't do repair estimates. Our LO, Jeff Onofrio, of Mortgage Possible, who specializes in renovation loans, has that kind of network. He texted a friend of his, a HUD-licensed inspector, who came just hours after we went into contract on the house. The home inspector was able to provide cost estimates on repairs, saving us from needing to find a small army of contractors on very short-notice.
So, LOs, I'd love to hear from you all: First-time homebuyers are entering one of the toughest housing markets in history. What are you doing to ensure they can compete and feel good about the process? Hit me up anonymously at jkleimann@housingwire.com.
The average 30-year fixed-rate mortgage rose to 2.87% for the week ending in Aug. 12. A year ago at this time, the 30-year fixed-rate mortgage averaged 2.96%.
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Jumbo loan availability increased 3.8% in July, propelling overall mortgage credit availability up 0.3%, according to the Mortgage Bankers Association.
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