Today we are joined by one of our lender partners, Joshua Coomer from Community Access Lending. He has been in the mortgage industry for 23 years and his experience ranges from new home builders to retail mortgages and now he owns his own brokerage.
What is the difference between a mortgage bank and a mortgage broker?
A mortgage bank like Movement Mortgage funds all their loans in house and is delegated to close on FHA, VA, Conventional, Jumbo and USDA loans allowing us to set the rates and be a little more flexible when putting together a file. We also have access to broker partners, but these can charge higher fees and the underwriting is done outside our organization.
With a broker like Community Access Lending, the process their new loans in house and get to choose which bank it will go to based on the client’s needs which allows them to provide niche products like DSCR Loans, Bank Statement Loans, Asset Depletion Loans, etc.
What about down payment assistance programs?
Each company can partner with the different down payment assistance programs available. At Movement Mortgage for Nevada, we have Home is Possible, Home at Last, Culinary, Wish and now Movement Boost. With Community Access Lending, the also have the Nevada Partners programs along with the Chenoa Fund Loan. We will find you the best program.
What is our prediction for interest rates?
It’s a million-dollar question! We don’t foresee the rates dropping to the 3s or 4s like they did during the pandemic, however we do expect a stable and healthy market with interest rates that are in the high 4s and low 5s. A market that still frees up equity for sellers and allows new buyers to embark on the homeownership path.
What are good signs for a healthy market?
Some signs that we have seen are home prices starting to stabilize as supply and demand normalize. The more approved buyers go out to find a home, the less days a house is going to be in the market. Sellers will have more than one offer to look at and healthy negotiations that work for both parties can start.
Why use a local lender?
Not only do you support your local community with lender partners that live and invest in your city, but you also can receive the expertise of a person that lives and works in your city and understands your local programs, new jobs, new builders, etc.
Should I find a lender or a realtor first?
In our experience is best to secure your financing first. See if you qualify, look at a budget that works for you and understand the loan program terms you will choose. Then you can go look at homes with confidence.
Building generational wealth, why is it important?
It can take you to retirement, to building a real estate portfolio that can bring you residual income. Setting up a plan to start investing on yourself by just living on your home is such a great steppingstone to achieving your financial goals.
Bottom line, we are here to help and educate every single one of our clients. Have questions, reach out to us!