Today I’m joined by a special guest, Andy Duda from Caliber Home Loans, to talk about the current state of mortgages.
I’ve been in the business for 13 years, but Andy has been helping me with loans even before then. In the time we’ve known each other, Andy has assisted me with hundreds of loans.
It’s a big deal for my team and I to have lenders that we trust, so professionals like Andy are a huge resource to us. We try to introduce Andy to as many of our clients as possible when they are in need of his services.
Lending has changed a little bit over the year. I always tell people that lending in 2017 is somewhat vanilla. Most lenders have the same products, so the real difference comes down to interest rates and customer service.
According to Andy, the world of lending ultimately changed after the economic crisis in 2007. Ultimately, traditional financing is king. There are niche programs out there, but most people tend to go more standard routes
One of the most important things is to talk to your lender early on in the process. Doing so will help you determine what price range you should be shopping in and what programs will be the best fit for you. Having this information will also help your Realtor service you to the highest level.
Even though most loan products are fairly standardized, there are some neat features available these days. For example, Caliber Home Loans has introduced the possibility of a digital mortgage for buyers.
This allows the company to digitally verify income and assets without the hassle of a lot of paperwork. People can become fully approved and can close without ever having to dig up pay stubs.
While not all employers will facilitate this as a possibility, it is a great option for those who can make use of it. As technology moves forward, so does the world of real estate.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.