The mortgage market is currently sluggish, but opportunities are growing in the non-QM (Qualified Mortgage) space, particularly in closed-end second mortgages, home equity loans, and DSCR (Debt Service Coverage Ratio) loans. Tom Davis, Chief Sales Officer at Deephaven, highlights that many homeowners who refinanced in the past with low interest rates are now looking to leverage their home equity for renovations or debt consolidation instead of moving. This trend is further encouraged by a significant level of consumer debt, prompting homeowners to seek relief through these financial products.
In the current market, there's a surge in demand for non-QM products, particularly closed-end second mortgages and DSCR loans, as borrowers seek alternative financing.
Many homeowners with low interest rates are opting to renovate instead of moving, tapping into their home equity through second mortgages.
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