If you are a Mortgage Professional who pays attention to this pattern, you will be prepared as opportunity presents itself. Focusing on life cycle changes is the key to staying ahead of the pattern. Great service and competent advice is what survives the test of time in the Mortgage Industry. There are not short cuts that last.
Many in the industry think mortgage rates matter. They do not. Although clients want market rates, we sell a commodity that has limited variability. Mortgages satisfy a need that is different for each client. Lower rates make loans more accessible and give clients a sense of a better deal; however, everything in the economy holds certain relationships.
When rates are at 4%, employment is low, housing valuations are low, consumer confidence is generally low. When rates move higher as they are today, employment is generally improving, housing valuations are inflating, and consumer confidence is strong due to higher stock prices and rising wages. Mortgages that meet a consumer’s need are always a great idea in any market. Focus on the mortgage product and how it benefits your life.
Work with a Licensed Mortgage Originator. At Southeast Mortgage, we train our Originators to ask questions to determine the true client need so they can fit the product properly. Although mortgage rates are rising, everything else is also. If your expenses double and your income double, has anything changed? Need matters.
Real Estate Agents and Realtors that want client referrals and clients throughout their life cycle choose Mortgage Service Providers like Southeast Mortgage to ensure the service is fast and pleasant with the client getting the right product for their need. A great Client Relationship Management process that keeps Realtors in front of their past clients each year builds organic growth for Realtors and Mortgage Professionals. As the cycle repeats, you will be prepared.
Chief Executive Officer
Southeast Mortgage of Georgia, Inc. est. 1993
Good article from CNBC discussing the surge in applications that results from this phase of the cycle. Although rates are moving up, everything else is moving up faster thus mortgage volumes surge. The issue is you have to be structured properly to support Real Estate Agents and Realtors in the purchase side of the mortgage industry. 90% of Southeast Mortgage's volume is purchase loans due to a structure that meets client need and helps Realtor's grow their business through great service and our free Client Relationship Manager.