Getting a low interest rate on your mortgage is something homebuyers in 2023 dream about. With last year’s 4% rates still fresh in many investors’ minds, it can seem almost irresistible to try and get the lowest mortgage rate possible when buying a house. So, what if there was a way to lock in a mortgage rate two to three percent lower than the daily average, all paid for by the seller of your new property? It’s possible, and if you want to get it, you’ll need to listen closely to what today’s mortgage experts are saying.
In this episode, we brought three lending experts, Bill Tessar from CIVIC, Christian Bachelder from The One Brokerage, and LendingOne’s Matt Neisser, to talk about what is happening with lending and lenders, mortgage rates, and low-interest loan programs. With different expertise, all three of these mortgage experts know about various loans, whether for a rental, a primary residence, a fix and flip, a BRRRR, or something else. But what draws them all together is their experience over the past six months.
Once interest rates started to rise, lenders nationwide were “gutted,” with massive amounts of business flying out the door. But these borrowers weren’t searching for better lenders; they didn’t even want to buy anymore. This caused many mortgage brokers and lenders to “reset” their requirements, standards, and expectations for the next few years to come. Now, lenders like these are getting creative, finding some of the best ways to help you score a lower interest rate without charging you a dime.
In This Episode We Cover
How the Fed’s decision to raise rates caused the lending industry to lose huge business
Real estate underwriting and why short-term investors MUST change the way they analyze deals
Bad news for BRRRR investors and why this strategy may be on pause for the next few years
The new low-interest rate loan products that homebuyers can take advantage of
Mortgage rate predictions and when we could potentially see rates start to stall (or drop)
Advice for borrowers in today’s market and why you should NOT be scared of rising rates
And So Much More!
Links from the Show
Find an Investor-Friendly Real Estate Agent
BiggerPockets Forums
BiggerPockets Agent
BiggerPockets Bootcamps
Join BiggerPockets for FREE
On The Market
Join the Future of Real Estate Investing with Fundrise
Connect with Other Investors in the “On The Market” Forums
Subscribe to The “On The Market” YouTube Channel
Dave’s BiggerPockets Profile
Dave’s Instagram
Find Your Next Home Loan
Connect with Christian, Matt, & Bill:
Christian's BiggerPockets Profile
Matt's BiggerPockets Profile
CIVIC
LendingOne
The One Brokerage
Check the full show notes here: https://www.biggerpockets.com/blog/on-the-market-72
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