The mortgage market in 2024 faces increased difficulties, with average 30-year fixed mortgage rates climbing to 6.72%, surpassing the levels during the 2008 crash. Year-over-year home prices surged over 5%, leading to heightened affordability issues as supply lags demand. Many lenders continue to focus on traditional loans, neglecting non-qualifying mortgage options that could help more borrowers. Non-QM loans present a significant opportunity for lenders to assist borrowers with unique financial situations, enhancing their eligibility for home financing, with Deephaven Mortgage providing essential tools and training in this niche.
Mortgage interest rates have steadily ramped up throughout 2024, with an average of 6.72%, which is significantly higher than during the 2008 market crash.
Non-QM loans allow borrowers to qualify based on non-traditional income and credit issues, enabling lenders to reach more potential homebuyers.
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