By many industry seers’ accounts, families will be back in the market for homes in 2015. Is your family one of them? Before you pull the trigger, Al Hensling, President of United American Mortgage, offers you the following perspectives – and advice.
Marmalade: What recent developments in the mortgage market are relevant to families now?
Al Hensling: After a period of time in which it was extremely difficult to obtain a mortgage, things have started to normalize and lending guidelines are starting to loosen. Just this month Fannie Mae and Freddie Mac have introduced conventional financing with as little as 3% as a down payment. This combined with the lowest interest rates that we have seen since mid-2013 make it a perfect time to purchase a home.
M: How does 2015 look?
AH: As the Economy continues to grow and we experience job growth, more families will have an opportunity to experience the benefits of home ownership. Clients always ask what is going to happen to interest rates. I really wish I had that crystal ball to answer them accurately. It is difficult to say what rates will do, as markets have not reacted to this economy as they had previously. I counsel clients to borrow based on need and what they can afford.
M: What opportunities or risks should families be aware of right now?
AH: Loan programs are changing almost daily. As we move farther away from the mortgage meltdown of 2008, more and more programs and financing options will open up. But always be wary of the deal that sounds too good to be true. Even though recent changes have cleaned up the lending industry, there are still people out there that are not looking out for the client’s best interest. Families should always determine the experience level of their mortgage professional, along with checking references from previous clients.
M: How do you and United American Mortgage operate as compared to other mortgage providers?
AH: United American Mortgage takes a personalized approach to lending and determining what is truly best for the individual borrower’s needs. Our objective is to attain a client for life by providing the very highest customer service experience and the best possible mortgage products. Our team of mortgage professionals has been recognized for providing solutions where others have failed. Most recently we had the opportunity to assist a family that had been turned down at several institutions looking to obtain a loan for a new home purchase. We were able to structure the transaction under very attractive terms and allow the buyers to put down a smaller down payment than other groups had originally quoted them. M
Al Hensling is President of United American Mortgage of Irvine. Connect with Al and his team by calling (800) 708-5626 x110 or by emailing him at firstname.lastname@example.org.