Tracie Mayo (pictured top), mortgage broker and owner at Savvy Mortgage Lending, told Mortgage Professional America there were still plenty of prospective buyers needing advice from dedicated professionals in the current market.
That’s presenting opportunities for loan officers and brokers who have remained in their roles. “It’s kind of like in real estate: realtors are leaving the market as well, because it’s hard to sell a house when you don’t have buyers,” she said. “But you can basically always just be there and start reaching out to people that need a good loan originator.”
Buyers determined to push ahead despite high borrowing costs
There’s little room left in the market for opportunistic buyer types who decided to take the plunge because of low mortgage rates during the pandemic, with Americans hoping to enter the market for the first time also encountering plenty of hurdles.
Still, other buyers remain just as eager to make their move despite current mortgage rates. “You usually see the move-up buyers or the experienced buyers – they don’t get deterred by the rate,” Mayo said. “They know, they’ve been through it.
“Some of us… have had 13-16% interest rates over the years and so they’re OK with the 7% rate. The first-time homebuyers are the ones that get kind of spooked or even honestly get to the point that they can’t even qualify or they can’t afford it – but the move-up buyers, they’re still fine.”
