JTS Mortgage Minute 7/7/20 - Low Mortgage Rates & Increased Demand

Video Credit: WCBI - Published
JTS Mortgage Minute 7/7/20 - Low Mortgage Rates & Increased Demand

JTS Mortgage Minute 7/7/20 - Low Mortgage Rates & Increased Demand

Jeff Farnham of JTS & Co.

Mortgage Professionals tells us that with historically low interest rates right now, demand for new housing will outpace the supply.

Now is an excellent time to get prequalified to purchase your dream home.

Good morning, i?m jeff farnham.

Last month, hospitality workers saw the biggest increase in employment with approximately 960 thousand hires.

Small businesses contributed an estimate of 937 thousand hires, making the overall gain in employment ?just over?

2.3 million jobs.

As people return to work, many are following up on their plans to purchase a home.

It has taken less than 10 weeks to see improvement in purchase demand during the height of covid-19.

We?re seeing rates in the twos and threes, which is historically lower than previous years.

As more people take advantage of the market?s low rates, the demand for homes will continue to outweigh the supply.

Get prequalified so you won?t miss out on your dream home!

Being prequalified is the most important step.

It helps your offer standout and may help expedite the process for the seller?s acceptance.

Prequalification is a process that gives you time to ask questions without the pressure of having a contract.

It also gives you the opportunity to make sure you understand the loan you?re applying for.

J-t-s and company offers a prequalification app that is quick and easy to complete.

Verification is the second most important step.

During the verification process, your income, employment and finances will be checked.

Without proper vetting, we are unable to move forward with the processing of your loan.

Having all your paperwork accessible will help with the processing of your loan.

Something else that is important to know is when cash or cash deposit are acceptable payments.

Many prospective homeowners offer to cover the down payment with their ?mattress money.?

In other words, using money from their safe or cash that?s been saved up.

Due to anti money laundering laws, this isn?t an accepted form of down payment.

Cash cannot be used for your loan?s down payment or your closing.

Let?s say you took your mattress money and deposited into your account with the intent of using it to pay your fees.

In that case, you would be making a cash deposit.

A cash deposit is money coming from anywhere other than sources deemed acceptable or verifiable.

Money borrowed for a personal loan is also not accepted.

Cash deposits require a waiting period of 60 days before use.

Any money in your account prior to those 60 days is deemed ?seasoned?

And acceptable for use.

If you have any questions regarding cash deposits, it?s best to ask us.

Call us?

We will answer any questions you may have regarding your mortgage.

J-t-s wants to help make your homebuying journey easy, and we strive to be your lifetime mortgage advisor.

We are local.

You Might Like

Tweets about this

Related videos from verified sources

JTS Mortgage Minute 07/28/2020 - Falling Interest Rates [Video]

JTS Mortgage Minute 07/28/2020 - Falling Interest Rates

With interest rates falling for the sixth straight month, homeowners continued to grab the chance to purchase or refinance in June.

Credit: WCBIPublished