We know this is a tough market with extremely low inventory and to make things more uncertain we are also in a rising mortgage interest rate environment.  The Federal Reserve is changing its fiscal policy to help slow and reduce inflation which in turn causes mortgage rates to climb.

If you’re a Real Estate Agent out showing homes OR if you’re a buyer out looking at homes, please check in with your Loan Officer immediately to confirm you are still qualified and comfortable with the new updated mortgage terms.

Inflation and Homebuying

Someone who was pre-approved last year when the rates were in the 2s or 3s might no longer qualify for the price range they want when rates climb up into the 4s and 5s.  Even buyers who were pre-approved last month may not qualify as rates have risen almost 1% again over the last two weeks!

Likewise if you are listing a home and accepting an offer from a buyer using financing, be sure to verify that the pre-approval has been updated within the last week so you know the potential buyer still qualifies for their mortgage terms.

Thorough Mortgage Consultation  

At Applied Mortgage we complete a thorough Mortgage Consultation for each buyer to review maximum price range, monthly budget, costs to close, and loan programs available.  Every preapproved customer has had their credit check and financials reviewed and information run through our automated underwriting system.  We check in weekly with our preapproved customers who are out searching to address any potential change to their needs while they are home searching.

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