Trevor McIntosh, 35, and Brennan Johnson, 31, secured a mortgage for their Wheat Ridge, Colo., home through Better.com in 2018. “We’re both millennials and we need to immediately go online for anything,” said Mr. Johnson, a data analyst. “It seemed more modern and progressive, especially with the tech behind it.”
Previously, the couple had negative home buying experiences. One homeowner, they said, outright refused to sell to them. A loan officer also dropped a bunch of surprise fees just before closing. The couple wasn’t sure whether prejudice — unconscious or otherwise — was to blame, but they couldn’t rule it out. “Trevor and I have experienced discrimination in a variety of forms in the past, and it becomes ingrained in your psyche when interacting with any institution,” said Mr. Johnson. “So starting with digital, it seemed like fewer obstacles, at least the ones we were afraid of, like human bias.”
Fannie Mae, the world’s largest mortgage financier, said mortgage lending this year probably will reach an all-time high of $3.9 trillion.
The dollar-volume record will be boosted by $2.4 trillion in refinancings, the highest level since 2003 and more than double the level seen in 2019, the mortgage giant said in a forecast on Tuesday.
“We continue to believe that a low-rate environment will support refinance demand over the forecast horizon,” Fannie Mae said in the forecast. “At the current interest rate of 2.86%, we estimate that nearly 69% of outstanding first-lien loan balances have at least a half-percentage point incentive to refinance.”
The low rates likely will boost the sales of new houses to 777,000 this year, a gain of 14% from 2019, the forecast said.
Sales of existing homes probably will total 5.3 million, down 0.4%, Fannie Mae said. That’s an improvement from the drop of 4.5%
Accurate Group Helps Credit Unions Grow Real Estate Lending Business through Faster Loan Cycle Times, Lower Costs and Innovative Technology
Bundled solutions for property appraisal, title and remote closings accelerate growth and boost credit union efficiency
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