Mortgage Loan Officer Gustan Cho
Mortgage Loan OfficerForum Replies Created
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@RPE Johnny, my two cents is if you can, get the RV park and mobile parks under owner financing for 12-36 months. That way you will get a head start to get the cap rate and profitbility at a maximum and go in for an end financing. I am sure many people selling the RV, mobile home, or camp sites often will love to sell you the property and business under contract seller financing.
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Where is this place at? Great idea. Most RV parks or mobile home parks look like dumps. If you can spruce it up and add some class like nice landscape and amenities, I think it will be a hit. First impression sells. Make it feel and look like home.
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I own a 43 feet RV and what you are talking about is right up my alley. Many people give up their permanent homes and buy an RV to travel the country. If there are RV parks that is a permanent spot with all the amenities, I know it will be a hit. Waterfront RV parks is the Golden ultimate spot. Make the RV spot like a permanent home platform and you will get a waiting list going. Nice landscape, amenities like a 7-eleven or convenient store, common area laundry mat and clubhouse, auto parts store or RV mechanic shop, and other amenities where it makes the place like home. Like an HOA system.
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Has auto insurance premiums gone up substantially? How much does traffic tickets and DUI affect auto insurance premiums.
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Brent can you please explain the factors that impact pricing the different types of investment properties such as AirBnB’d units? @Brent
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Johnny, your assumption that you cannot finance an AirBnB’d property with no experience is not correct and I don’t know who told you that. You can finance an AirBnB’d without experience if you contract with a registered property management company. Many real estate agents are registered property management company owners. It can be a one man property management company.
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Sonny, let me know when you and your daughter are available. @SonnyW
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There are a few key reasons why some loan officers have been leaving the mortgage industry in recent years: Declining mortgage volume – The housing market and mortgage refinancing activity have cooled off significantly from the heights of the COVID-19 pandemic. This has led to a drop in overall mortgage volume, which can make it more challenging for loan officers to earn commissions and maintain stable incomes. The reason for decling volume in mortgage loans is a combination of skyrocketing mortgage rates, out of control inflation, and surging home prices. There are more factors contributing to the reduction of mortgage loan units throughout the country.
Over the past two years, mortgage rates have risen significantly in the United States: In March 2022, the average rate for a 30-year fixed-rate mortgage was around 4.5%. Prior to March, 2022, mortgage rates were lower. Rates were as low as 2.5% in 2019. By October 2022, the average 30-year fixed mortgage rate had surged to over 7%. This represented the highest level for 30-year fixed rates since 2002. As of March 2023, the average 30-year fixed mortgage rate was around 6.5%.
So in the span of just under two years, from early 2022 to early 2023, the average 30-year fixed mortgage rate has increased by approximately 2 to 3 percentage points.
This sharp rise in mortgage rates has had a significant impact on the housing market and affordability for prospective homebuyers. Higher rates mean higher monthly mortgage payments, pricing some buyers out of the market.
The rapid increase in rates was driven by a combination of factors, including the Federal Reserve’s aggressive interest rate hikes to combat high inflation, as well as broader economic uncertainty. The mortgage industry has had to quickly adapt to this changing rate environment over the past couple of years.
Inflation can have a significant impact on mortgage rates. Here’s a general overview of how inflation affects mortgage interest rates:
Relationship between inflation and interest rates: As inflation rises, the central bank typically responds by increasing benchmark interest rates. This is done to try to slow down the pace of inflation.
Impact on mortgage rates: Mortgage rates are closely tied to prevailing interest rates in the economy, especially the yield on government bonds like the 10-year Treasury. When the central bank raises interest rates to combat inflation, mortgage rates also tend to increase.
How inflation impacts homebuyers and the housing markets is another important factor to take into consideration. Higher mortgage rates mean higher monthly payments for homebuyers. This can price some buyers out of the housing market. Rising rates also reduce the purchasing power of homebuyers, as they can afford less home for the same monthly budget.
How Inflation impact homeowners when refinancing their home: Existing homeowners may be less inclined to refinance their mortgages when rates are rising due to inflation. The incentive to refinance diminishes as rates increase, making it harder for homeowners to lower their monthly payments. Many people wonder what the long term effects of inflation is. Sustained high inflation and rising interest rates can slow down the overall housing market, as home affordability declines. This may lead to reduced home price appreciation and fewer home sales over time.
Inflation can have a significant impact on mortgage rates. Here’s a general overview of how inflation affects mortgage interest rates: Relationship between inflation and interest rates: As inflation rises, the central bank typically responds by increasing benchmark interest rates. This is done to try to slow down the pace of inflation. Another frequently asked question is how inflation impact on mortgage rates: Mortgage rates are closely tied to prevailing interest rates in the economy, especially the yield on government bonds like the 10-year Treasury. When the central bank raises interest rates to combat inflation, mortgage rates also tend to increase. Higher mortgage rates mean higher monthly payments for homebuyers. This can price some buyers out of the housing market. Rising rates also reduce the purchasing power of homebuyers, as they can afford less home for the same monthly budget. Existing homeowners may be less inclined to refinance their mortgages when rates are rising due to inflation. The incentive to refinance diminishes as rates increase, making it harder for homeowners to lower their monthly payments. Sustained high inflation and rising interest rates can slow down the overall housing market, as home affordability declines. This may lead to reduced home price appreciation and fewer home sales over time.
So in summary, elevated inflation typically translates to higher mortgage rates, which affects both prospective home buyers and existing homeowners looking to refinance. Managing the impact of inflation on mortgage costs is a key concern for manyRegulatory changes and compliance burdens – The mortgage industry has become increasingly regulated in the years since the 2008 financial crisis. Loan officers have to navigate a complex web of rules and compliance requirements, which can be time-consuming and frustrating.
Competition from digital lenders – The rise of online and app-based mortgage lenders has disrupted the traditional mortgage broker model. Some loan officers may be struggling to adapt to the more tech-driven nature of the industry.
Burnout and work-life balance issues – The mortgage industry can be high-pressure, with long hours and the need to constantly prospect for new business. Some loan officers may be leaving the field in search of more balanced lifestyles.
Career changes – For some loan officers, the mortgage industry may have been a stepping stone to other financial services roles or completely different careers. The instability of the past few years may have prompted some to seek more stable or fulfilling work.
It’s worth noting that the mortgage industry is still sizable, and many loan officers remain successful in the field. But the combination of market forces, regulatory changes, and evolving consumer preferences has made the job more challenging for some professionals.
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Yes, that is correct. Chattel units is property only and the land is not owned by the unit owner. We can definitely do financing on Chattel units but require higher down payment. Down payment assistance is available for modular and manufacturered homes fixed to a permanent foundation.
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