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What To Expect From the Mortgage Industry in 2018

What To Expect From the Mortgage Industry in 2018

The new mortgage rules, which officially took effect on January 1st, 2018, have been cast by the media as a dark cloud hanging over the head of homebuyers. But, the truth is, there is still plenty of opportunity for first-time buyers, those looking to upgrade, and people who need to refinance their mortgages alike.

After all, the mortgage industry is no stranger to change—whether it be fluctuating interest rates, or variations in the real estate market, mortgage brokers have long embraced change as a positive thing.

Prepare for a Balancing Act

As we move out of January, and into the beginning of 2018, there is going to be a bit of a balancing act, for our clients, mortgage brokers, and the lenders themselves.

While there may be some hesitation in the market as we adapt to the new guidelines, it’s important to remember that business won’t come to a halt—lenders won’t simply give up and accept the potential loss of business. We will likely see lenders create new programs that will allow for some adjustment for people in situations where affordability has dropped. Mortgage Savvy is proactively working with our lenders to help them understand the needs of our clients, so we can put you in the mortgage situation that’s best suited to your needs.

First-Time Buyers Have Options

First-time buyers may be feeling a little discouraged about the new mortgage rules—but it’s important not to throw in the hat just yet!

With a little Mortgage Savvy, there is still plenty of opportunity for first-time buyers to make the leap into home-ownership in 2018. We don’t just deal with the big banks, we have access to 39 different lenders who can help first-time buyers into a position they were led to believe they couldn’t make happen under the new guidelines.

We also have access to lenders who are still able to qualify people based on the old guidelines, which means even if you don’t have a big down payment saved up, you can still qualify for the mortgage you dreamed of.

A Year of Consolidating Debt

The number one reason we are seeing changes like these happen is due to high household debt. This is a great oppportunity to help you get into a better financial position. Together, we can look at the equity you have built up over the years, and then create a plan for the next three to five years by refinancing your outstanding high interest credit cards and lines of credit.

By helping you refinance your mortgage, we can get you into a position where you don’t have to feel stressed about your monthly obligations.  Even if you are coming down to the end of your current mortgage term and need to renew your current balance, we may have rates that are lower than you were locked into five years ago, thus saving you money!

Education is Key

There are a lot of factors that go into a mortgage, which the average consumer doesn’t see. That’s why we believe it’s our responsibility to educate our clients and ensure they know everything about the product they are purchasing, about the lender they are signing with, and about how to maximize their interest rate.

By taking the time to get to know you personally, and understand your goals for the next five years, we will be able to put together a financial plan that creates the best situation for you and your family.

We’re here to discuss your short and long-term financial plan, so we can help you make the decisions that are right for your personal situation. And we promise we would never make a recommendation we wouldn’t suggest for our own family members. Get started by filling out an online mortgage application, and we’ll take it from there.

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