Preparing for lower rates

We understand how incredibly frustrating and disheartening the current mortgage rate environment is.

Everybody had a prediction going into Summer 2023 that mortgage rates would decrease. Unfortunately, the resilient U.S. economy, the Fed’s ongoing war on inflation, and a sharp rise in 10-year Treasury yields have kept rates higher for longer than we all expected.

But we are still optimistic that 2024 will bring lower mortgage rates and provide some relief for homebuyers!

I understand you probably have some clients who are not ready to make a move just yet. Here are 3 steps you can encourage them to take now to prepare for when the time is right:

1. Schedule a meeting with me (even if they are not ready to buy!)

It’s always best to do this sooner rather than later. No credit check or application needed – we will just discuss their options and put a plan in place so they can move quickly when the time is right.

2. Choose a loan program.

Every mortgage program has unique benefits and different requirements to qualify. Learning about these now and choosing the one that makes sense for them will make it so you can move quickly on getting their offer submitted when they are ready.

3. Start improving their finances.

Once we’ve decided on the best mortgage strategy, the rest of the time will be spent here. Down payment, income and asset documentation, credit score improvements, etc. I will be their soundboard every step of the way to answer any questions, update their loan plan, and get them excited for the journey!

Preparation is key in this market. If your clients start the mortgage process early, you will be able to submit their offer with minimal delays and make sure they have a great homebuying experience 😊