There is an old adage that no one can serve two masters. The idea is that at one point, the lessons of the masters will come into conflit, which is when you must make a choice to whom you’re truly loyal. This is an important axiom when trying to select a mortgage broker. The real estate market is incredibly difficult for home buyers. Boston, Miami, Denver, and many other markets across the country are facing historically low inventory. At the same time, mortgage rates are rising. In times like these when the decks seem stacked against home buyers, you need a loyal team in your corner to help you even the playing field. If you are a home buyer and you are trying to get a home loan to buy a house in today’s market, a trusted mortgage broker can make all the difference. Here is why …

Home Buyers Face Difficult Market Conditions 

The real estate market has been thriving for the past couple of years, but that does not mean it has been easy for home buyers. Home buyers have faced rising home prices, low inventory, and the inevitable bidding wars. Unfortunately, it does not appear that home buyers will see any relief anytime soon. 

Mortgage Rates Continuing to Rise

After reaching all-time lows during the pandemic, mortgage rates have been rising faster than most anticipated this year. Rising mortgage rates is unwelcomed news for home buyers who understand this could mean having to pay thousands more over the life of a home loan. To make matters worse, the most recent wave of mortgage rate increases probably won’t be the last. Inflation is rising because of a multitude of factors, and one of the few tools the Federal Reserve has to contend with inflation is increasing interest rates. In turn, mortgage rates will go higher. 

If you are a home buyer and have good reason to believe mortgage rates will rise, then you have a big incentive to close on your home as soon as possible. Working with a trusted and professional mortgage broker can help you accomplish this. Experience matters. Knowing how to get your home loan closed as soon as possible can make a huge difference. Don’t risk your mortgage coming undone because of inexperience. Put your trust in a mortgage broker or a team of mortgage brokers with a proven track record of helping home buyers in today’s market. 

Home Inventory Remains Low

Home inventory has been bad for home buyers for the past couple of years, but it only seems to be getting worse. New home construction is not able to keep up with home buyer demand and homeowners are not convinced that selling is best, even with today’s home prices. Some predict that rising mortgage rates will cause many home buyers to reconsider, which would reduce demand. However, inventory is so low that even if demand does fall off dramatically, there still are not enough homes on the market. For home buyers, this means more bidding wars and little hope that home prices will drop anytime soon. This is a tough place to be in and it can take a long time to get out. 

Today’s market and the bone-dry inventory demands that home buyers have a loyal mortgage broker in their corner. We have all seen for ourselves or heard from others that it can take a long time to buy a house. Some home buyers put in countless offers before they finally have one that is accepted. This means that a mortgage broker can work with you for months on end without ever seeing a dime. 

Loyalty is what will separate the average mortgage broker from the truly incredible mortgage professional. Even when hope is running out and the days are long, how hard is your mortgage broker working for you? A loyal mortgage professional is working hardest for you when it is not directly tied to commission. They will work as hard for you for a house it is unlikely you will get to one that seems like a slam dunk. Loyalty means putting your needs and desires first and never sacrificing them for anything. 

Final Thoughts

Mortgage brokers cannot serve two masters. They can either serve their clients needs or they can try to do what is best for their commission structures. Prioritizing loyalty means choosing a mortgage broker that prioritizes your needs above all else. Today’s real estate market can be brutal for home buyers. It can be frustrating putting in offer after offer only to hear that the seller went with another buyer. When times are toughest, that is when you need support and guidance the most. That is when you need professionals to count on. 

If you are looking for a team of mortgage professionals to be with you through thick and thin in your home buying journey, contact us. No matter how tough the market is for you, we promise that we will be tougher. Being a homeowner is a cornerstone of the American dream. However long it takes to make that dream a reality is more than worth it. So, start your journey to homeownership today and let the loyal mortgage brokers at Peoples Choice Mortgage guide you.