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Many investors had expected the Fed to cut benchmark rates as early as March, and loanofficers had hoped to see a decline in mortgage rates that tend to move in tandem with long-term yields. Saghafi has clients who recently decided to pull the trigger and move to a bigger house by selling their home that had a 2.375% mortgage rate.
The company recently launched a mortgage brokerage firm that offers a plug-and-play program for real estate agents to become mortgage loanofficers, a practice called dual licensing. of the loan amount, with a $5,000 cap, which adds to the typical buyer-side agent commission of up to 3%. For example, Realfinity pays LOs 1.4%
HousingWire interviewed a dozen loanofficers and mortgage executives about their strategies for 2024, which mortgage products they expect to be in demand, and the magic rate needed to get sellers and buyers back in the market. A successful loanofficer in this market needs a very capable qualified assistant.
These housing professionals have been gaming out the potential impact on buyers’ agents – a significant source of referrals. Loanofficers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down.
Advertise openhouses Post about openhouses to both your grid and stories multiple times leading up to the event, as this ensures that it will reach the most people. It’s also important to include the details of the openhouse in the photo in addition to your caption.
Find quick definitions and get clarity with our Mortgage Glossary. Our team of loanofficers can help you determine when to start the pre-approval process. It may not seal the deal for your seller, but in a hot market, showing up to an openhouse with a pre-qualification letter is certainly better than showing up empty-handed.
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