The mortgage industry is a complex and dynamic landscape that plays a critical role in the economy by providing individuals and families with the means to purchase a home. A mortgage is a loan that is used to purchase a property, and it is typically secured by the property itself. The loan is paid back over a period of time, typically 15 or 30 years, with interest.
There are a wide variety of mortgage programs available, each with its own set of terms, conditions, and requirements. Some popular programs include conventional mortgages, FHA loans, and VA loans. These programs are offered by a variety of lenders, including banks, credit unions, and mortgage companies, and they may have different interest rates and fees depending on the lender and the borrower’s qualifications.
This week, Linda Peltz held a discussion with Garrett Wood from Nexa Mortgage covering the landscape of mortgage industry and what kind of mortgage programs would suit in todays market. Lets dig in to video below to discover more about mortgage industry:
Things that Differ Nexa Mortgage
In years of being mortgage advisor in Nexa Mortgage, Garret Wood take pride in offering wholesale interest rates and explain the advantages of having Nexa Mortgage as mortgage solution.
Things that differ Nexa Mortgage and being a game changer in the market is that they have an approach by data, using that in a lot of ways to focus to leverage loan programs to build wealth. Nexa Mortgage also has total cost analysis which give clients an overview of how the financing, statistic and calculation works within the mortgage scheme.
Nexa Mortgage also helps consumers or a client understand the program more simple. They’re not making this more complicated than it is. Example if the client choose a conventional loan over an FHA, then Garrett Wood will explain how clients would save around ten thousand dollars from that program.
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More of Nexa Mortgage, they’re using data to really guide their clients through this process and make it clear for them to understand what loan program is and what makes the most sense about it
The company also doesn’t charge any origination fees, they get paid from the lender of the loan transparently. Their compensation also comes from them rather than the borrower, client. However when client do something like down payment assistance, they will require to charge an origination fee, as if the mortgage loan originator and you would actually have the net of the origination fee minus the assistance.That would be what client actually getting assisted with.
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Summary on the Mortgage Rates
The summary of this whole analysis is that recessions lead to lower mortgage rates, Garrett Wood predicting if that mortgage rates are going to continue to come down and he have seen them come down already from 3-4 weeks ago. Because that CPI number which is actually making its way more on the news and is showing that inflation is improving.
The reason being shelter costs are starting to reflect more accurately. Also rent costs starting to come down a little bit and it’s going to continue to come down. This is because its has not caught up with itself and a lot of these indicators show us that there’s likely going to be a recession
Garrett Wood stated its the reason why he actually got into mortgages in real estate, because he felt that he needed to help people do mortgage on the right way. Going to leveraging people’s loan program to build wealth. He’s advice would be “don’t try to wait out for an interest rate when you see a home that you know you could be having a good time with your family, that is the way that this works our job you know”
In conclusion, the mortgage landscape is constantly evolving and it can be difficult for borrowers to navigate. However, working with a reputable mortgage company, such as Nexa Mortgage, can help ensure that you find the best loan program to suit your needs and that the process is as smooth and stress-free as possible. Reach out to Garrett Wood and Linda Peltz in details below
Linda Peltz Realtor – eXp Realty
559-353-4556
Linda.Peltz@exprealty.com
DRE 01997670
Lender Garrett Wood- Nexa Mortgage
434-484-2022
gwood@nexamortgage.com