Capitalize On The Booming Purchase Market With Us
We love sharing good news – especially at this time of the year. We have been keeping an eye on market performance and 2021 projections. Based on reports issued from the National Association of Realtors (NAR) and the Mortgage Banking Association (MBA) this coming winter could be another record setter for sales volume.
The National Association of Realtors’ Chief Economist Lawrence Yun predicts that in 2021 mortgage rates will remain low, home prices will increase by 3%, existing home sales up by 9%, and a 23% surge in new home sales. NARs reported that mortgage applications are up 20% year over year. This number reflects the number of borrowers who have been approved for mortgages and ready to purchase a home. According to their survey, 47% of borrowers plan to move to the suburbs and many of these people want larger homes. They also noted an increase in the purchase of vacation homes. People are buying them for their own private use and/or to rent out as a means to increase cash flow.
The Mortgage Bankers Association weekly applications survey for the week of 11.25 showed a 3.9% increase in applications from one week prior. Refinances increased 5% and new purchases increased 4% from the week earlier. Purchases are up 19% year over year same time period and will continue to increase well into 2021. Refinances are projected to be cut in half.
More good news….in case you missed it, we recently improved rates and guidelines for our non-QM products offering your borrowers more options and flexibility.
Increase your purchase volume now to get
ahead of the competition with our non-QM products:
- Reduced rates yet again
- Added more FICO/LTV buckets
- Reduced reserves for cash-out refinances
- No DSCR with a minimum credit score of 700 and 70% max LTV for Investor Cash Flow