Q & A's from Experienced Mortgage Lenders at Northwest Bank
The Mortgage Industry at Northwest Bank is going strong and we wanted to share with you a few Questions and Answers from Northwest Bank Mortgage Lenders and how it impacts your local community.
- The Mortgage Industry – what good things are happening and what challenges are being faced? "The record low rates have kept the mortgage industry going strong. The challenge has been perception. Banks want to lend money and it is readily available. The understanding from the borrower just needs to be that it takes the proper documentation and the telling of their full financial story. When those two things line up, people are achieving their dream of homeownership."
- How is the Mortgage Industry in this area different from those of other areas across the United States and why is it different? “Our natural Midwest conservative nature has kept the mortgage industry strong, and we have not seen a huge devaluation in single family residences. In parts of the country such in Florida and New York we are seeing investors charge additional fees for mortgages or not accepting them at all because of the market challenges.”
- What impact does the Mortgage Industry have on the local economy? “Homeownership leads to all sorts of retail purchases and market stimulation. It also creates property tax revenue to help maintain the infrastructure and amenities that many companies find so attractive. This in turn creates more jobs and thus more future homeowners.”
- What do you expect for this current year in the industry? “We expect rates to remain low into this year. If consumers have not taken advantage of these rates yet there is no better time then now!”