One does not want to be in a position where they really want to purchase a property yet do not have the pre-approved funds.
Chicago, IL (PRWEB) May 28, 2015
Lenders like Peoples Home Equity were stumped on Wednesday to see that mortgage applications fell for the 5th consecutive week.
As shown on TradingEconomics.com, weekly mortgage applications for the week ending on May 23rd fell -1.6%. On a positive note, the four week average did increase from -2.97% to -2.8%. However, the change is minimal and dismal when lenders are expecting a continued surge of applications this spring. Peoples Home Equity believes two things may be happening. Firstly, it is possible that most applicants have already applied for a home loan earlier this year; January 2015 was the highest week-over-week change in applications on record! Secondly, many Americans may still be shopping for a home instead of preparing themselves and getting pre-approved for a mortgage first! The expectations are now so low for application growth that the chances of an increase over the next couple weeks are very high.
The national unemployment rate is now low, reflecting the idea that many Americans have rebuilt or are building their credit score to a level necessary for a mortgage. The final step is to get most of America on board with saving so they have a down payment for a property. Peoples Home Equity encourages all prospective home buyers that have not yet applied for a mortgage to do so immediately. One does not want to be in a position where they really want to purchase a property yet do not have the pre-approved funds. If you are unsure about how much you could borrow from a lender, or how much a monthly mortgage payment may cost, simply estimate these two queries on PeoplesHomeEquity.com’s calculators tab.
If you are listing a property for sale and/or are in need of a mortgage for a new home, contact a Peoples Home Equity loan officer today at: 262-563-4026