The startup that allows buyers to make cash offers on homes while trying to secure a mortgage is expanding to new markets while growing existing ones.
Homebuyers lucky enough to win a bidding war for a property are increasingly running headlong into appraisals that don’t match — or even come close to — the agreed sales price, leaving them with limited ways to close the sale.
“This is a sign that the competitive purchase market, driven by low housing inventory and high demand, is pushing prices higher and weighing down on activity.” — Mortgage Bankers Association Associate Vice President of Economic and Industry Forecasting Joel Kan
The pandemic caused the mortgage market to tighten up, but as the economic recovery gains an increasingly solid foothold, lenders are starting to return to pre-pandemic practices.
U.S. mortgage rates have increased for six straight weeks, a sign the historic low for mortgage rates is becoming a thing of the past.
The new technology streamlines workflow in the mortgage industry.
“The consistent decline in serious delinquency since August is a sign of growing financial stability for families,” said Frank Martell, president and CEO of CoreLogic.
The ad is part of their national brand campaign, Believe You Will, which encourages the power of positive thinking and believing you can accomplish your goals.
This means homebuyers will be able to borrow up to the new level without triggering higher interest rates.
“In the last five months we have expanded into the fast-growing real estate markets of Texas and now Massachusetts.” — Renovo CEO Kevin Werner