Ryan Niles is a Urban IMG contributor and a local Mortgage professional for Met Life Home Loans. He released this piece yesterday, which eludes to a shift in the Mortgage applications and an overall sense that the market is recovering. I hope you enjoy:
“Well here is some good news…finally. We’re here to tell you that the tide has turned. In examining our monthly loan origination numbers at MetLife Home Loans, we were surprised to see that 75% of our business month to date is purchase business. This is a complete reversal from just a couple of months ago. We are seeing a lot more momentum from buyers now to get their loan packages in and move forward in the process to get approved for a purchase loan. Buyers are far less cautious and show far more commitment than we saw a few months back. Just wanted you to know that the tide appears to have turned.
This could be the best time ever to purchase a home. Buyers need to get on the bandwagon now while rates are very low and values are at their lowest point in years. We would anticipate that values may again soon rise and multiple offers seem to be increasing.
We would welcome your referrals, as we truly have some of the best resources the industry has to offer. We are getting loans approved each and every day that have been turned down by Bank of America and Wells Fargo, and we have had far fewer appraisal issues than the big banks.
Our FHA presence has grown substantially over the last year and my team and I are leading the way in FHA lending at our branch in Seattle.
With the taxcredit for first time homebuyers more than likely ending November 30th (who knows if it will get extended) we have a month and a half to get these first time buyers into mutual acceptance so we can close them by this deadline. It will be here before we all know it.
We feel blessed to have the opportunity to serve you and look forward to the opportunity to provide the best financing available for you, your family and friends. We are excited about our future in the lending industry and want to thank you for your continued support.
All the very best to you and we hope you have had a wonderful summer!”