Have you ever had your credit report pulled when applying for a loan, only to be swarmed with calls from creditors trying to sell services or offer loans?  This isn’t a coincidence, and is one of the most annoying aspects of applying for credit for today’s consumers.  If you’ve ever wondered why you get bombarded with calls when applying for credit, it comes down to one thing:  Trigger leads.  Trigger leads are data sold to lenders by the credit bureaus.  When you have your credit pulled, the credit bureaus let other creditors (that you may not have any relationship with) know that you’re seeking a loan, and they provide your contact info so those creditors can reach you.

While consumers sometimes think the lender they applied with has done something wrong or their information has been leaked, the reality is it’s the credit bureaus selling this data.  Consumers do have some recourse in opting out by calling 1-888-5-OPT-OUT (1-888-567-8688), but the reality is some unscrupulous lenders may still call, disregarding the do not call list and betting on the fact that consumers won’t follow through with complaints.  The only other recourse aside from opting out is in fact pursuing complaints and lawsuits against companies violating the do not call list.

Is there anything lenders can do to stop ‘trigger lead’ calls?

Yes, and no.  Lenders can remove some personal information when pulling a credit report, but some information is required to get the report.   With the massive increase in data gathering over the past decade, it’s very likely that even if a lender removes some of your personal info, the credit bureaus will likely have it stored away.

So your lender may do their best to protect you, but thanks to big data, there’s little to stop the credit bureaus from selling your data.

Who are the lenders that are calling?

Any lender that is willing to pay the credit bureaus for your data may end up with your information.  They may be reputable, they may not be.  The credit bureaus sell your info to just about any bidder, and it’s not uncommon for dozens of creditors to end up with your personal contact information along with information that you’re applying for a loan.

What can consumers do?

We recommend opting out to drastically reduce the numer of inbound calls: 1-888-5-OPT-OUT (1-888-567-8688).  Aside from that, if you find it offensive that you’re required to have credit run to obtain a loan, with 0 protection from the credit bureaus regarding the sale of your data, it may be worthwhile to drop your local congressperson a note or file consumer complaints against the credit bureaus themselves.

Otherwise, it’s best to ignore the calls as best as you can – they should stop after a few days or, at worst, weeks, and they’re usually worst within a few days of having your credit run, so if you know you’ll be having your credit pulled or are applying for a loan, it may be best to just ignore unrecognized callers for a few days.

Do credit bureaus sell your information – they do, but hopefully we’ve provided some ways to help, or at least offer an understanding of what’s happening when your credit is pulled.  It’s not your lender causing the influx of calls, and there’s little anyone other than you can do to mitigate or eliminate the calls altogether.  The good news is that the huge influx of calls is usually short lived, and you can rest assured ignoring the calls results in unscrupulous lenders having wasted money purchasing your data.

The post Trigger Leads – What Are They & What You Can Do appeared first on Mason-McDuffie Mortgage Corporation.

When getting a mortgage, one of the most important things to pay attention to is the cost of the loan being applied for.  There are certain fees customers can shop for that may be drastically different from one lender to another (for example, discount points, and lender fees) and some fees that are the same or very similar regardless of which lender is used for the transaction (title insurance and government recording charges, for example).  One fee that can vary drastically from one lender to another are “points” being charged.

What is a “Point”?

In mortgage (and more generally, financial) jargon, a “point” is a percentage of the loan amount being borrowed.  For example, 1 point = 1% of the loan amount.  If a borrower applies for a $400,000 loan, a point would cost $4,000.  On an $800,000 loan, that cost increases to $8,000.  There’s a $4,000 difference, but both examples are with a charge of 1 point.  Many lenders offer options with fractions of points as well, so you may see things with a cost of “half a point” or “a quarter of a point”, which would just be a fraction of that 1% charge.

Why pay points?

There are 2 reasons lenders charge points – profit, and savings.  For profit, lenders can charge points as a source or revenue, and for savings, customers can pay ‘discount points’ to obtain a lower interest rate.  Most lenders offer what is called a “par” rate, or a rate that doesn’t cost a customer any fees beyond customary closing costs/origination fees.  For additional cost, or ‘discount points’, customers can obtain a lower rate and payment.

When Points Make Sense

There’s no ‘one size fits all’ for the right loan structure, which is why it’s so important to work with an experienced loan officer.  That said, it generally makes sense to pay points when a customer is seeking out a longer term loan.  If you believe it’s a loan you’ll hold over a long period of time, additional up front costs may be recovered through the savings of lower monthly payments that a lower interest rate can offer.  Sometimes, depending on the market, a lower rate may be fairly affordable to obtain.  Markets change daily, as does the cost for different rates, but as a very general rule, the cost to buy the interest rate on a mortgage loan down by .25%  is usually 1 point.  So if the ‘par’ rate is 4%, a customer may be able to get a rate of 3.75% by paying a point.  However, some days the market yields lower cost options.  For example, it may only cost .5 points to get that same .25 reduction to rate.  In these cases, customers need to decide if it makes sense, but it can be more appealing to get a lower rate with some additional up front costs under these circumstances.

Over the course of time, closing costs in the thousands of dollars are offset by a small reduction in monthly payment, so points up front, long term, can result in savings.

When Paying Points Is a Bad Idea

Again, there’s no definitive “right answer” to this, but generally speaking, paying points on a short term loan doesn’t make much sense, because closing costs occur with every loan.  Even “no closing cost” loans (which don’t really exist outside of marketing ploys!) include closing costs, they are just paid via a higher interest rate.  So paying points in addition to customary closing costs on a loan, then quickly obtaining another loan with another set of closing costs is very likely going to negate any benefit of additional up front costs.  For example, if you pay discount points to get a rate that saves $50/month, but it costs $5,000 in additional closing costs – the breakeven point is roughly 8 years (or 100 months).  Paying the loan off early negates the benefit of the lower rate.

This is especially true in an environment where rates are dropping or expected to drop, because if an opportunity presents itself to refinance, paying excessive up front fees on a loan that may be refinanced soon doesn’t always make financial sense.  Customers need to think “a lower rate is good, but at what cost does it make sense?”.

One other note on points as a bad idea – sometimes, especially in rising rate markets, lenders still try to market low rate loans to lure customers in with an attractive rate – often times, though, the costs to obtain these lower rates are on the higher side.  In these situations, it’s extremely important to read the fine print.  That “too good to be true” rate may in fact be just that.  If lenders are hiding fees in the fine print (for example, putting a great looking rate in big bold font, then in font you need a magnifying glass to read, stating that the rates comes with 2 or 3 points), that’s usually a glaring red flag.

All in all, paying points when getting a mortgage is part of the decision making process to get the best loan, and the best loan is subjective – for one person, the cheapest loan option may be the best, and for another, a loan with higher up front costs may make the most sense in the long run.  “Points” shouldn’t be considered a bad word when getting a loan, but they should be understood, and when they’re being paid, there should be some short term benefit to the person paying them.

The post Should You Pay Points? appeared first on Mason-McDuffie Mortgage Corporation.

These changes represent an increase in area median home prices, and county changes are based on local rates of appreciation.  These changes should allow home buyers more flexibility and more favorable loan terms in areas where home prices have seen increases over the past year.  One major perk of using conventional financing is the ability to finance up to 95% of a home purchase, having only a 5% down payment requirement.  For some borrowers and situations, conventional loans require only a 3% down payment, making it possible to achieve the goal of home ownership without bringing in a larger down payment that many jumbo loan products require.

Another perk of conventional financing is competitive rates and mortgage insurance terms for those with excellent credit.  For those with good (but not exceptional) credit, conventional financing is another great option, since most jumbo financing options either require excellent credit (leaving those without excellent credit with minimal options), or coming with higher rates.

2022 loan limits are in effect for loans delivered to Fannie Mae & Freddie Mac in calendar year 2022, but loan applications can begin being processed under the new loan limits effective immediately.  Your MasonMac loan officer can further explain how the increase in loan limits may be able to assist you in getting better loan terms or qualifying for more home.

For an interactive map that shows loan limits for your specific county, you can click here .  If you have questions on how these loan limits can help you, or any other mortgage related questions, you can ask an expert here.

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Since the 1980s, rates in the US have consistently fallen on mortgage loans, with new all time lows regularly being established.  Refinancing can be a great financial decision, but it’s important to consider a few things before diving in so you can be prepared for the process, outcomes, and ultimately end up with a loan that offers you the most benefit possible.

1.  Act Quickly

If a refinance will benefit you financially, it’s important to act quickly.  The market moves every day, and rates change daily (sometimes multiple times during a day) so if a refinance benefits you, it’s important to act quickly on an application and locking in.  If you’re saving $500/month, it’s better to lock in that savings than trying to find another lender that can save you an additional $20/month while risking the market potentially getting worse.

2.  Understand a LOT Goes Into Your Rate

Mortgage rates vary a lot based on many factors, so don’t trust the ad, and understand that if things change on your application, the rate/product offering can vary, too.  For example, on many loans rates will be different (sometimes much different) based on just a 20 point difference in FICO score.  Different loan products (FHA vs Conventional, for example) have different rates, too.  Property type (Condo, Single Family, Manufactured/mobile) will often result in different rates, too.  Some other factors are loan amount, area, and the amount of equity you have in your property.  A good loan officer will ask the right questions up front to make sure your rate quote is accurate, but understand there are a lot of things that influence rates beyond what you see in the ads!

3.  You Can’t Catch the Bottom (Without Some Luck)

When rates fall, there are many factors that influence the rates a lender can offer.  One of those factors is capacity, or the number of loan applications a lender can handle and process at one time.  When rates fall and application volume increases, it can lead to longer rate lock periods, which cost more.  Additional staffing needs and system strains can also cause the margin lenders need to maintain on loans to increase to cover additional overhead, resulting in artificially higher rates.  The borrowers who catch the absolute lowest rate tend to be lucky and beat the crowd when applying.  After all, we don’t ever know when rates were the lowest until they’ve already moved up.

4.  Consider Your Benefits

There is really no magic rule when it comes to refinancing.  Some loans, like a VA IRRRL, require very specific changes to an existing loan, and all refinances should have a tangible benefit to a borrower – but for some people, $100/month savings is huge.  For others, taking cash out or reducing a loan term are where they find value.  Each situation is unique, but what’s consistent is that every refinance loan should be worth the cost.  Consider closing costs, and determine if the benefits of the refinance make sense for you.  One general rule is that a refinance is worthwhile if the monthly savings quickly offset your closing costs.

5.  Life Doesn’t Happen in 30 Year Increments

Just because you’re considering a 30 year mortgage, it doesn’t necessarily mean you should think about “all that interest you’ll save over 30 years”.  Odds are, you won’t have your loan even close to that long!  In 2018, the median duration of homeownership in the US was 13 years (according to NAR), and on top of that, many people have multiple loans while in a home.  The life cycle for many home buyers and homeowners often includes rate/term refinances to reduce monthly payments, cash out loans to use home equity, or term reduction loans to shave interest off the mortgage, so it’s not uncommon for people to have a new mortgage every few years as markets change and life events occur.  For these reasons, looking at “savings over 30 years” is going to offer a poor vantage point for most people, and an unrealistic picture.  Instead, focus on shorter term (3-5 years) benefits, BUT:

6.  Focus on Long Term Security

Always play it safe when it comes to a mortgage.  In most cases, it’s not just finances, it’s your home, so be smart when it comes to analyzing savings, rate, etc.  For example, if you’re in your forever home and don’t have much equity, a short term ARM loan may not be the greatest product for you.  If you can see yourself in your home for 3-5 years, a 7-year or 10-year ARM may make sense.  If you’re unsure but could potentially be in your home longer, a fixed rate loan may be a better option for you even if the payment and rate are higher than other products available.

7.  Work With a Savvy Advisor

Any lender can quote rates, drop ads in your mailbox, or advertise online.  You’ll end up in the best position if you work with someone you can trust.  Get referrals, and make sure your loan advisor can walk you through cost-benefit analysis, talk you through various options, and asks you questions to help determine which product is right for you.  The lowest rate isn’t always the best option, and when restructuring what is often the largest and most complicated debt you’ll have, it makes sense to get it right every time.  Closing costs for a mortgage are often in the thousands of dollars (for all loans – those ‘no closing cost loans’ have costs too, they’re just built into the rate), so it can be extremely costly to get the wrong loan.

8.  Find a Company with a Good Track Record

If you don’t have a loan officer you love and haven’t gotten a strong referral, work with a reputable lender that has a lot of great online reviews.   See what other customers are saying, check how long the company has been around (avoid “pop up” refi companies that pop up during periods of falling rates), and make sure they have a good track record.  If a company has only a handful of reviews or is difficult to find online, you’re likely rolling the dice.

Want to see how a refinance could benefit you, or what options you have?  Check out our refinance advisor and one of our experts can get you information on what could work best for you!

The post 8 Things to Consider When Refinancing appeared first on Mason-McDuffie Mortgage Corporation.

One of the most common myths in the mortgage world is an oft-misunderstood aspect of refinancing when it comes to the first payment date of a newly originated/refinanced loan.  Many times consumers and loan officers alike are confused by the timeline of having one loan paid off and payments begin to take place on a new loan.  Due to this misunderstanding, the term “skipping a payment” or “skipping 2 payments” is often tossed around without any real explanation or understanding of how “skipping” a payment works.

The easiest place to start to understand how the process works is to understand that mortgage interest, unlike a lot of other types of financial interest, is paid in arrears.  That means that when a payment is made on a mortgage loan, the interest portion of the payment is actually the interest due for the month before the payment is made.  For example, a May mortgage payment includes a portion of principal, plus the interest accrued for April, the month prior to the payment due date.
In addition to interest being paid in arrears, the other piece to the puzzle is in the form of “per diem” interest that shows up on a borrower’s closing disclosure (CD).  On the CD, per diem interest is charged from the date a new loan funds through the end of that current month.  For example, if a new loan funds on the 15th of a 30 day month, one of the charges on the CD will be 15 days worth of interest.
Now let’s look at an example of calendar days, closing days, and how that magic “skipped” month happens.  We’ll use a loan closing June 15th as an example.  A loan funding June 15th will have a first payment due date of August 1.  Since there’s no payment in July, you skip a month, right?!  Not quite.  On the closing statement, per diem interest will be collected from June 15th through the end of the month.  On August 1, the payment made will cover interest for the entire month of July, since mortgage interest is paid in arrears.

In some instances, “you can skip 2 payments!” is pitched as a benefit of a refinance.  In reality, this is never the case.  This is typically done by closing a loan early in a month.  We’ll stick to our example of a refinance loan closing in June.  If a customer doesn’t pay their current lender for June’s payment, and we refinance their loan with a first payment date of August, technically no monthly payment is made for June OR July.  But does that mean 2 payments are “skipped”?  Not really.  Take our previous example into consideration, and we already know that July’s interest is paid with the August 1st payment.  The remainder of June’s interest is paid in “per diem” interest at closing, and the “extra month” is really just interest added to the current lender’s payoff – or in this case, just being transferred to the new loan.

So when it comes to “skipping payments”, refinancing doesn’t ever accomplish that.   That said, borrower’s do not have to physically make monthly payments the month following signing closing documents, but it’s important to remember that the interest is always paid one way or another.  All of the interest on the loan being refinanced is wrapped into the payoff and closing figures on the new loan, and the new loans interest is paid in full beginning with per diem interest on the closing documents, and continuing to be paid with payment #1.

This mortgage myth is one of the more complex issues, and for that reason, consumers AND many mortgage professionals are often confused when discussing “skipping payments”.  The correct wording to use for what’s really happening is “deferring interest” or “including more interest in a payoff”.   So the next time you see someone advertising or telling you you can “skip a payment!”, rest assured you know better – and then make the decision on when to close your refinance loan based on reality.

The post Mortgage Myth: Skipping a Payment appeared first on Mason-McDuffie Mortgage Corporation.

How can all 3 of these loan terms be the best?  Well, they’re all the best option for different people.  At MasonMac, we offer loan terms for everyone – if a 30 year fixed is best for your situation, we’ll let you know that.  But maybe a 27 year loan works best for you.  Or maybe a 13 year loan fits your financial situation like a glove.  Unlike other lenders, we don’t stick to the conventional rules of 30, 20, and 15 year loans.  Our loan terms are flexible because our goal isn’t to provide a “best loan”.  Our goal is to provide the best loan for YOU.

MasonMac offers mortgage terms that fit any client’s needs. More options mean better planning.

For MOST borrowers, yes, the 30 year fixed rate loan tends to be the go to – this product offers a mortgage term that’s manageable, competitive rates, and a lower monthly payment than a shorter mortgage term.  In the current environment, the rate is actually pretty close to shorter term loans, too, which isn’t always the case (perhaps you’ve heard of the ‘yield curve inversion’ that’s been in the news?).

Most mortgage loans these days don’t come with prepayment penalties, so borrowers can pay off their loan as quickly as they want.  If they have a 30 year loan, they can make extra payments to turn their loan into a 10 year loan, but that does require discipline.  Usually, that 30 year loan will have a higher rate than a 10 year loan term, too.  So if a borrower has plenty of disposable income, they could save one some interest with a 10 year mortgage term – again, it depends on the unique borrower.

For some people the discipline to pay extra toward the mortgage just isn’t something they have, and they know it.  In that case, it makes refinancing into a 30 year loan when they’re already paid 2, 3, or 4 years off their mortgage pretty unappealing.  For them, we all an individual to choose their own terms – you’ve already paid 3 years into your 30 year loan but rates have dropped?  Great, let’s look at a 27 year mortgage loan option.  Planning your mortgage payoff to coincide with your retirement?  We can put together a loan term that matches your plans perfectly, so the year you plan on retiring is the year your mortgage balance hits $0.

Whether you’re thinking about refinancing or buying a home, we want to have the best options for you, regardless of your financial plans.  Our ability to offer choices in loan terms is just one way we’re able to help.  So whether you want a longer term loan that stretches out to 30 or 40 years, something shorter term like a 10 or 15 year mortgage, or any mortgage term in between, we’ve got the loan product for you!

The post The Best Mortgage Term for You appeared first on Mason-McDuffie Mortgage Corporation.

The 2 biggest factors that go into mortgage rates are equity and credit scores.  For conventional loans especially, rates are largely driven by how much home equity your mortgage loan is tapping into.  Higher LTV loans (loans using a lot of home equity) tend to have higher rates than lower LTV loans.  Other aspects of equity come into play as well.  Have a 2nd mortgage?  Conventional mortgage loans have rate adjustments for that.  Using that home equity to take cash out of your home rather than just seeking out a reduced rate?  You guessed it – rate adjustments!

Many factors determine mortgage rates, but there are some things that can put you in the best position to get a great rate

On top of the amount of equity used, credit scores play a huge factor in many loan products, especially conventional loans.  A rate for a borrower with a 620 FICO score can be vastly different than a borrower with an 820 FICO, even with all other loan details being equal.  The highest rates for conventional products tend to be for borrowers seeking high LTV loans with low FICO scores.  The best rates tend to be offered to high FICO scores with large down payments or large amounts of equity.

On top of those 2 factors, there are various other things that determine rate – borrowers seeking alternative (nonQM) loans like bank statement products or investment property products that qualify on debt-service of a property will generally see higher rates.

Government loans (FHA, VA, USDA) are great programs that can offer competitive rates that are not as sensitive to LTV and rate.  While rates will vary depending on credit score, they don’t vary as much because many of the rate adjustments present on conventional loans do not exist in government lending.  So for someone with less than perfect credit, this type of loan product may still offer an extremely competitive rate.

Rates vary substantially from lender to lender and borrower to borrower, but in general – better credit, larger down payments, government loans (VA mortgage loans usually offer extremely competitive rates), and full doc (income derived from W2s and paystubs instead of alternative documentation) loans tend to offer the best rate.

The post How To Get the Best Mortgage Rates appeared first on Mason-McDuffie Mortgage Corporation.

The mortgage industry is currently in the middle of a business boom due to a rare alignment of drastically lowering rates and a large amount of available home equity for borrowers everywhere.  Due to the lowering rates, home owners are choosing to refinance in droves (Housing Wire recently posted that nearly 10 MILLION home owners can reduce their rate by .75 or more!), and the increased applications have lender’s operations staffs working overtime.  With an influx of applications comes longer turn times for things like reviewing conditions, sending and reviewing disclosures, underwriting, and moving a loan through the closing process.

A 45 day contract period will assure a stress free transaction and allow some breathing room for market-driven delays

As lenders get busier, the 3rd party vendors they rely on also see an increase in business.  Appraisers have more homes to appraise and reports to write.  Title companies have more title searches to run, closing to attend to, and issues to resolve.  This ripple effect doesn’t cause an extreme delay on any front, but an additional day here, day there, and before long, the entire process is a week longer.

For now, loans can still close faster than 40 days.  In many cases, they’re closing faster than 30 days and in as little as 2 weeks, but as applications continue to come in, hiring can’t happen fast enough (remember, with hiring comes training, which means a new hire moves slower AND a more experienced team member training them gets less done as well!), so turn times WILL increase, and if you’re operating under a 30 day contract, there is 0 room for error.

Listing agents need to communicate this with their sellers, and buyers agents need to be aware so they don’t create an unnecessary hurdle that could add stress to their client’s home buying process.  Verbiage that’s often included in purchase contracts includes language such as “45 days or sooner if all parties agree…” to allow a transaction a full 45 days to consummate – but leaves room to close early if the pieces fall into place.

Can a transaction still take place in under 30 days if it’s needed?  It can.  But agents should work to exceed client expectations and limit stress for their clientele throughout the home buying transaction, and setting an escrow period of 45 days is an easy way to make life easier for everyone, and avoid unnecessary (and extremely stressful) delays.

The post The Shift to a 45 Day Home Buying Process appeared first on Mason-McDuffie Mortgage Corporation.

Until now, VA Mortgage loans allowed qualifying veterans to borrow up to 100% of their home value – so there has been no down payment needed for a home purchase for most vets, and even when it came to tapping into home equity, veteran home owners have been allowed to access 100% of their home’s value in cash to refinance.  Now though, Ginnie Mae has decided to change that guideline (keep in mind, for refinances only!) to allow home owners to only access up to 90% of their home’s value through a cash out refinance.  Likewise, on FHA loans Ginnie has reduced the amount of cash out a consumer can pull from their home to 80% (previously 85%) of the home’s value.

The VA Mortgage loan program offers one of the best loan products for eligible Veterans

The tightening of loan to values for VA mortgage loans comes after many investors have recently changed the pricing structure on VA loans – in the past, VA loans have offered generous rebates to buyers in higher rate buckets – for example, a borrower could get a 4% at “par”, or the rate that neither costs the borrower any points, but also comes with no rebate/credit toward closing costs.  But a 4.25% may have offered a full point or more in a credit to a borrower.  Many lenders used this rebate to begin offering VA mortgage borrowers higher rates with the intention of refinancing them into a lower rate later, effectively getting 2 loans (and strapping borrowers with 2 sets of closing costs), or sometimes more.

Investors have changed their pricing structures to incentivize lower rates for borrowers to prevent churning – which is good news, but unfortunately also makes it tougher for borrowers who are short on funds that in the past could have relied on lender rebates to pay for closing costs.  A borrower’s best bet is to work with a lender they can trust.  A loan officer should advise clients on their best options and what makes the most sense for their unique situation, and should also be able to answer any questions borrowers have along the way.  Veterans especially need this guidance, because the VA mortgage loan program is one of the most beneficial loan products on the market – with no down payment requirements, no monthly mortgage insurance (PMI), and low rates, vets that can use their VA mortgage loan entitlement should always be given the option, and the proper guidance to get the best loan.

For now, borrowers have a short window of time to close on VA mortgage loans under current guidelines, but any loans that close and fund after 10/31/19 are subject to the new loan to value restrictions of using only 90% of their home value for cash out refinances (purchase loans will still be offered with 0% down payment required for qualifying veterans).

Have questions on VA loans, FHA loans, or anything else mortgage related?  Ask one of our experts and get a quick response to any and all questions here.

The post VA Mortgage Loans Getting More Restrictive appeared first on Mason-McDuffie Mortgage Corporation.

While there are a ton of mortgages for millennials, the programs available to this demographic are the same programs available to Gen Xers, Baby Boomers, and any other generation buying or refinancing real estate.  Millennials, broadly defined as those born in the early 80s to the late 90s, are of the age where many take advantage of certain products more often than others.  For example, just based on age alone and being at the age of the typical first time home buyer, down payment assistance (DPA) programs, FHA financing, and certain other products are more prevalent for this generation.  But others are not excluded from obtaining the same type of financing.

Headlines focusing on millennials are often just working to capture web traffic by using the “M” word.  Take, for example, a recent headline that reads “refi rise sparked closing delay for millennials”, when in reality, the article references an increase in turn times across all products, with the result of delays for all products across all demographics.  In fact, the only reason the “M” word made the headline was to grab eyes.

“Millennials” is a term the real estate and mortgage industry uses to catch eyes and clicks, but what affects millennials is the same for all mortgage borrowers

If there aren’t specific mortgages for millennials, what should younger buyers look for when getting a mortgage loan?  Well, technology is dictating the speed at which things move, and the mortgage process is no different.  Younger borrowers tend to want a digital experience, and one that can work within a mobile environment – but this isn’t only a millennial desire.  People in general want things quickly, and operate primarily from their cell phones – across all ages.  Millennials in high priced markets often need some help with down payment assistance because home prices are high and down payment requirements can be restrictive – but again, first time buyer programs are available to all ages, not only millennials.

At MasonMac, we don’t have “mortgages for millennials” (neither does any other lender), but what we do have is a streamlined mortgage process, a digital experience, technology based systems that make things easy for borrowers to get a loan, and loan program options that meet the needs of all borrowers – down payment assistance programs, first time home buyer programs, Jumbo loans, reverse mortgages.  MasonMac is your home for all things mortgage.  If you’re looking for mortgages for millennials, ask one of our experts for help today, we’re here to answer your questions and help you feel comfortable throughout the process.

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