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you are here: DentalPlans.com > Dental Health Articles > Real Estate > Hot Mortgage Trends
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Updated: 9/21/2007 12:05:06 PM |
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 (ARA) - Rates are up, rates are down. It's a buyer's market, it's a seller's market. If the housing market seems like a roller coaster for would-be buyers, that's because it is. But understanding the most current trends can help buyers know when to get on -- or off -- the ride.
"Each home purchase and mortgage arrangement will be as unique as the people doing the buying," says Scott Olson, chief of operations for LendingGateway, a Web site that specializes in connecting borrowers with lending agents in their area of the country. "But everyone in the market to buy or refinance a house should be aware of current trends that will have a common impact on how lenders and borrowers interact."
Trend No. 1 -- Fixed for refinance, but still flexible for purchases.
"Because the market has been quite volatile, the trend in lending for refinances has moved homeowners to apply for fixed loans," says Alex Capio, LendingGateway's chief executive officer. "Who knows what the future holds as the rates have tapered back down a little and are expected to remain steady for the next year.
In general, however, the market is shifting in favor of buyers, meaning it's likely there will be more purchases of new and existing homes than refinances. "Adjustable rate mortgages (ARMs) are more popular in this type of market," says Capio. ARMs work for both savvy investors seeking cash flow and first-time home buyers who are focused on a low mortgage payment now and will think about consolidating other debt in the future.
Trend No. 2 -- Consolidate, if you can.
Relatively low interest rates mean there's real value in consolidating debt with a refinance -- if you're in an area where the market is favorable for such transactions. If you're in a declining real estate market, you may find it difficult to consolidate other debts with a refinance because your home will have less -- or may actually have even lost -- equity. For example, says Olson, people who bought in San Diego five years ago will still find it easy to leverage equity into a debt consolidation scenario. But if you bought in the same market just one year ago, when prices in San Diego were at their peak, you might find it difficult or impossible to consolidate debt as home prices there have declined.
Trend No. 3 -- Go with a local lending agent
"A few years ago when interest rates were at all-time lows, you could be assured of getting a good loan deal from just about anyone in the business," says Olson. "Now, while all lenders basically offer the same products, and all agents have access to the same pool of wholesale lenders, a local loan officer can offer a level of flexibility and knowledge of the local market that a 'big box' lender might not."
The local loan broker will have access to the same products offered by wholesale lenders. But their superior knowledge of the market in a specific area can make them better equipped to help borrowers identify and secure the best loan for their needs. "Plus, there's the satisfaction of being able to deal with someone face-to-face in one of the most important purchases of your life," says Capio. "When dealing with a local loan agent, it's much more likely that you'll be able to speak with someone immediately if you have a problem or question."
Lending Gateway offers consumers access to thousands of qualified lenders and matches them to a broker in their area. Borrowers simply complete a form at www.LendingGateway.com detailing their specific borrowing needs. The Web site's proprietary software searches a network of thousands of brokers to find those who can meet the needs in the consumer's geographic area. Lenders compete for borrowers' business with other brokers in the region.
To find a mortgage broker in your area, go to www.lendinggateway.com.
Copyright © 2007, ARAnet, inc.
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