5 Reasons to be Thankful for the Mortgage Industry this Year

Since 2008, our industry has been through a lot. All things considered, this year consumers actually have a lot to be thankful for when it comes to the mortgage industry and here’s 5 reasons why.

1. Protection via the CFPB

Before the housing crash there weren’t many laws in place to protect consumers and lenders. In 2010 the Dodd Frank Wall Street Reform and Consumer Protection Act came out as a template and paved the way for the creation of the Consumer Financial Protection Bureau (CFPB).

The CFPB is looking out for consumers’ best interest. Their number one goal is to ensure consumers’ financial security. One of the ways they accomplish this is by putting out resources for consumers to ensure they are fully educated about the mortgage process.

2. Continued low interest rates

Mortgage interest rates have stayed relatively low and stable over the past few years. When your mortgage rate is low, everything is better.

Low interest rates allow you to buy a bigger house, have a lower monthly payment, and keep more cash in your pocket. Basically you’re able to get more bang for your buck, and who wouldn’t be thankful for that?

3. Upturn in property values

Your house, or anything really, is only worth as much as someone is willing to pay for it. What this means is that if houses are selling for much less than they are worth in your neighborhood, your home is also worth less because of its location. However, the same holds true for the opposite. If the homes in your neighborhood are selling for more, your home would theoretically sell for more.

4. Increased technology

The fast paced world of technology has made getting a mortgage easier than ever. Before you wasted a ton of time driving to your lender’s location, signing and scanning papers, and driving back. Now, many lenders give you the ability to send your documents electronically, and allow you to e-sign your paperwork to help you save time.

5. Improved loan forms

The forms used in the mortgage process have been revamped and simplified so they are easier to understand. The new Loan Estimate form replaced the old Good Faith Estimate and Truth in Lending (TIL) forms while the new Closing Disclosure form replaced the final HUD 1 form and the final TIL form. Easier to read forms are a win for everybody getting a home loan as you’ll have a better understanding of what you ‘re actually looking at.

There are many reasons to be thankful this holiday season. What else are you thankful for?