Skylar Welch, Founder and Managing Partner of Maine Pointe Lending, explains how current mortgage rates, alongside the impact of tariffs and economic anxieties on local businesses, are deterring market activity.https://t.co/FhunT5Fy7R
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But the recent increases have been keenly felt by mortgage professionals when their potential customer doesn’t end up using them for their mortgage, he added. “It’s primarily all the credit reports we have to pull for people that don’t close on a loan. That’s where it really adds up,” he said.
Affordability challenges continue to pile up in Texas
Assistance for first-time homebuyers would come as welcome relief in Bolen’s market of North Texas, where those buyers are facing big hurdles putting together a successful mortgage application.
That’s partly because of climbing property values and interest rates – but also because other costs associated with purchasing a home have risen alarmingly.
“Insurance costs have gone up. Property taxes are going up along with home values. So affordability is still a major issue,” Bolen said. “We’re doing far more temporary rate buydowns, permanent rate buydowns, things of that nature, to help with monthly payments.
“It’s also just coaching clients early on as far as what price range they need to be looking at to keep payments affordable and within their budget. It’s really a lot more about advising earlier on than it used to be.”