The mortgage industry has just been through one of its biggest booms and busts, but some tech-first, cost-saving innovations could improve things for borrowers after this current cycle.
During the low-interest rate environment, transactions were at record highs as borrowers rushed to refinance or buy homes at rock-bottom rates. But, once interest rates shot up, the volume stopped, and those in the mortgage industry saw their incomes plummet. Many had to raise prices to keep the lights on, making originating a mortgage even more expensive for borrowers. But things are changing—for the better.
Faith Schwartz from Housing Finance Strategies is here to unveil some of the groundbreaking changes the mortgage industry is making and how it could make getting a mortgage more accessible and cheaper for first-time homebuyers and investors. Faith even shares some new loan products we didn’t know about, from mortgages that help low-money-down borrowers to products that allow access to equity without refinancing or using a HELOC (home equity line of credit).
With mortgage origination costs around a whopping $13,000, Faith walks through the new technology that could dramatically reduce this high price for borrowers and lenders. Plus, an AI and high-tech push from the government could completely flip this often archaic system. If you invest in real estate, want to invest, or work in a real estate-related service, this will seriously impact you!
In This Episode We Cover:
Tech-first solutions that could make originating mortgages cheaper and faster
The massive boom and subsequent bust that led to today’s struggling mortgage industry
Why originating a loan is SO expensive, and the fees that could be eliminated in the future
How the Federal government is creating new policies that help struggling buyers
New loan products that can assist first-time homebuyers and those with untapped home equity
And So Much More!