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4 Mortgage Trends To Watch

Mika contact@runewsonline.com

The real estate industry is dynamic, and several changes are expected shortly. There is always something that’s going on around the globe that could impact home loans; both positively and negatively. Here are five trends that could have a significant impact on borrowers.

1. More lenders will embrace automation Mortgage lenders are warming up to the idea of automating the loan application procedure. Software providers are continually developing plans that homeowners are unable to resist. This will be advantageous to the borrowers as the process will be fast, and scammers will have no room to play their trickery.

2. More homes will be up for sale Previously, first-time home buyers were unable to purchase houses because of the unavailability of suitable home plans. The shortage has resulted in a sharp increase in home prices. Thankfully, the housing supply has increased, and people will now be able to buy their dream homes.

3. Security might be an issue Security concerns have been on the rise over the past years. The problem is continuously getting worse, and the problem seems to be here to stay. Email hacking has given leeway to fraudsters who want to steal down payments from home buyers. To avoid this issue, ensure you verify with the agent when you receive an email asking you to follow precise instructions to wire your monthly payments. There is a high chance that the email is fake and from a fraudster.

4. Specialty lenders to opt for the non-conventional wayMore specialty lenders are going the non-traditional way. Borrowers with credit issues now have several options that require little income documentation and low-interest mortgages. Such house loans are under the non-QM mortgages since they do not meet the requirements of a traditionally qualified mortgage. This means that house loans will be available to more people, and consequently, it will increase home sales.

Mika
refiunionnews.com

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