Improving Mortgage Rates, Reverse Mortgages, and Builder Spec Funding

It is time for the three big things you need to know about the market this week! Today, we are starting with some good news about improving interest rates, taking a fresh look at reverse mortgages as a retirement tool, and sharing a great funding opportunity for home builders.

Here is what is happening right now.

1. Mortgage Rates Are Improving: Should You Lock or Float?

First, the big news you need to know: interest rates had a really strong showing on Thursday and Friday. We are starting to recover. We still have a little bit of ground to make up to get back to where we were before the recent geopolitical tensions, but things are looking positive and rates are improving.

As a lender, I am a geek when it comes to watching the market. I notify my clients when interest rates are rising or falling to help them decide: should you lock or should you float? If you are a real estate agent and your lending partners aren’t having this conversation with your clients, they are missing out on opportunities.

If you are purchasing and closing in the next 30 days, or if you already have a mortgage refinance application in, now is probably a good time to look at locking in. Is it an absolute emergency? No. Could you float it out for a few more days? Very possibly. But keep in mind that the market can shift quickly. Right now, I am advising my clients to cautiously float.

2. The Truth About Reverse Mortgages

The second big thing you need to know is for anyone—or anyone with a family member—who is 62 years or older and has ever considered a reverse mortgage.

I will be the first to tell you: yours truly has not been a huge fan of reverse mortgages over the years. However, there have been a lot of positive changes to these programs. They are no longer just a last resort for people who are strapped for cash in their later years. Today, they are a powerful financial tool for retirement and financial freedom. Financial advisors should be well aware of how these can benefit their clients.

If you are interested in a reverse mortgage, don’t you want the facts from someone who used to be a skeptic? Call me anytime. We can set up an individual appointment, go over the pros and cons, and we can even do a Zoom call with your adult children so everyone is on the same page. We have specialists right here at CrossCountry Mortgage, and we handle them all internally.

3. Spec Funding and Builder Loans

The third big thing is a special callout to builders. If you are a home builder constructing between 5 and 50 homes a year, I want you to call me.

If you are having trouble getting spec money to get spec houses in the ground, we have fantastic construction loans and funding options available. Furthermore, if you are looking for a mortgage that exceeds conventional sizes—for example, conventional loans max out at a fourplex—I can offer commercial lines of credit for up to a 28-unit complex.

Ready to explore your financing options?
Call the Loan Arranger. You have the number, and I am right here to help you. Contact our team today at WeBringYouHome.com to get started!