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Mortgage Applications Rise 4.1% According to Most Recent Data

by Steve Remington

The Mortgage Bankers Association reported a 4.1% increase in mortgage applications from the prior week.

Steve Remington, Benchmark’s Chief Operations Officer, noted that the increase in applications could be a consumer response to the recent trend in the market, indicating a shift from the prolonged period of low interest rates.

“Mortgage Bankers Association Data indicates a slight uptick in refinances for people who might be trying to take advantage of these lower interest rates. We don’t foresee doom and gloom with rates skyrocketing, but we do see an upward pressure of interest rates in the short term,” says Mr. Remington.

He also suggests that people in the process of building a home, or looking to build a home, may wish to consider looking at options to lock in their interest rates early. “If you are building a house and it takes 6-12 months to build, you might consider seeking a long-term lock option that Benchmark may be able to offer.”

You can read the full report from the Mortgage Bankers Association here.

Mortgage Application Are Up: Here’s How to Select A Lender

by bmadmin

I had an interesting conversation with a young professional the other day. He told me that he only had four more days to select his lender and that his dad’s business partner told him to call me.

He lived outside of our market so I wasn’t sure if he wanted me to do his loan or just help him find a lender so I simply asked him what criteria he was using to make his decision.

With no hesitation, he simply said rate and closing costs.

Ironically I had just finished reading an article where they estimated that over 70% of the time a borrower closed at a higher rate than initially quoted. When I asked him if he was aware of this he said YES.

Isn’t it odd that a majority of consumers select their lender based on data that they know to be erroneous over half the time?

Rate and closing costs are obviously a key component, but let’s be real. If you aren’t working with someone you can trust and someone who knows what they are doing, does it really matter what they quote you?

Marty Preston, Branch Manager of Benchmark Mortgage in Lexington, Kentucky, is a consistent Top Producer and one of the country’s premier mortgage lenders. Marty is also a nationally known speaker and a major force in the national mortgage banking scene.