Mortgage Monday

Mortgage Monday - Things Are Heating Up!

“You don’t want to be unprepared if the right opportunity falls at your feet”

A lot of potential homebuyers are still considering home purchases vs. continuing to rent. 2018 was a largest annual increase in owner-occupied households since 2004. Millennials continue to move into their own homes while Baby Boomers are often considering downsizing as they are reaching retirement age.

People generally move to different houses for a multitude of reasons:

1. It is a better home for them.

2. They want to start their own household.

3. Family reasons require a change.

4. Preparing for a new job or transfer.

5. One that is becoming more obvious – cheaper housing.

Now is a terrific time to get pre-qualified for a mortgage if you are considering buying a house - you don’t want to be unprepared if the right opportunity falls at your feet. Give me a call for that pre-qualification letter.

Mortgage Monday - Go Time!

“Spring is the time of year many people start looking for houses to purchase. What are our needs? Are houses on the market that fits our needs?”

The mortgage industry continues to be as fluid as the stock market in how it performs. Each day international, national, and local news events affect interest rates and loan volume. This volatile environment affects consumer sentiment.

Consumers often buy homes based on how it “feels.” Is the economy doing well? Do people have jobs? Is my community moving forward, or are local policy makers making me feel uncertain?

Spring is the time of year many people start looking for houses to purchase. What are our needs? Are houses on the market that fits our needs? Can we afford those houses? How will moving affect our family?

Uncertainty generates hesitation. Hesitation delays decisions that need to be made. Delayed decisions increase uncertainty. Not making decisions because of questions and fears are decisions that can potentially hinder fulfilling dreams.

One of my most cherished roles is assisting people in deciding the timing of home buying decisions. I am honored to be a part of helping individuals and families in achieving the American Dream of Homeownership.

Mortgage Monday - Diversity

“Commitment to gender diversity hasn’t translated into meaningful progress”

There is a lot of discussion about increased women’s roles in a variety of organizations.  The volume of that discourse tells me we should be having this conversation in the real estate finance industry.

Marcia Davies, Chief Operating Officer of the Mortgage Bankers Association, is actively involved in bringing more gender diversity to the mortgage industry.  In the comprehensive national study of “Women in The Workplace” Davies confirmed that companies’ stated commitment to gender diversity hasn’t translated into meaningful progress.

Women, especially women of color, continue to be underrepresented at every level, and particularly in senior leadership. It is going to take a mindful, focused, and purposeful approach at all levels, but especially from leadership.

The different perspectives and experience they gain from inclusion of diversity offer top leadership a window into connecting with more consumers, coworkers, and others we serve.  Having diverse voices around the table provides an organization with ideas and insights leadership might not have previously considered.  That thought process creates a dynamic that makes organizations accomplish more than they ever set out to achieve.

Rather than being unsure or even frightened by adding diversity to discussions, we must learn to think on a higher plane and engage more conversations to enhance our mission of assisting qualified individuals and families in realizing the American Dream of home ownership.

-Kent Carter, 1st Capital Mortgage

Mortgage Money - 3/4/19


“Turning a boring topic into fun.”

March 4, 2019

Each Monday when there is real estate news to report, I will write a short commentary on my view of our market. Sometimes it will include other economic commentary. It is not designed to be political or promoting anything but the American Dream of Home Ownership.

National: The U.S. economy remains growing with inflation contained. The Federal Reserve which analyzes various economic indicators and sets short term interest rates held rates steady at their last meeting. Their statement following their meetings sent a strong signal no more increases in interest rates soon.

The economy is doing well in most areas. One troubling area which could affect real estate is the big drop in purchase activity in the three big states of California, Florida, and Texas. This is especially true in higher priced houses. Each of those states have had an affordability problem with previous jumps in home values.

Around most of the country decreases in home prices, a higher supply of homes on the market after several months of slow sales, and decreased interest rates should spur increased home sales this spring.

Local: The Kiplinger Letter surveyed home prices in the 100 largest metropolitan areas as of December 31, 2018. The Oklahoma City metropolitan area ranked in Category 1 for most affordable housing. Only ten cities nationwide were listed in the top category for affordability. This is one of the few markets where home ownership may be cheaper than renting.

Some sellers were frustrated in the fall when interest rates climbed from historical lows and sales slowed in our market. Those sellers may be anxious to make a sale. Our inventory of homes on the market is low. Interest rates are their lowest in about a year. Now may be the perfect time to go on an adventure of finding a house to turn into your home. Call me for your financing needs.