Residential financing market remains healthy [Video]
Posted on Wednesday, May 18, 2016 at 12:38:59 PM
The residential real estate market has worked on a steady path toward pre-recession health throughout the past several years, helping many homeowners sell their houses and younger consumers purchase an abode for the first time. This has been the direct result of several trends in lending, as well as other areas of the economy.
Builder reported that residential financing rates have dropped significantly throughout the past several months, and the first quarter of 2016 was certainly a positive in this regard. More lenders are reducing their rates as more consumers are demanding access to these types of loans, which shows a healthy level of competition in the financing arena that benefits the overall economy.
As economic improvements can sometimes lead to rate increases coming from regulators and major banks, now might be the best time to get moving on a residential loan application. Working with a local, community-oriented bank can help to ensure that the final decision on a loan option is the correct one, and that support will be available throughout the agreement's term.