Posts by Lonnie Glessner

Homebuyers this summer have 2 BIG pain points, one is soaring home prices over the last 2 years. Second, is soaring mortgage rates this year. However, rates are down over ½% since they peaked above 6% in June. And I am hopeful that rates will drop more after the Fed raises short-term rates like they…

Currently, fear and uncertainty is stopping some people from moving. Which is why I have created a new Zoom video for consumers that I will tell you more about next week. So, how do you keep your clients focused on their goal to sell a home or to buy a new home and ignore the…

At my company a BIG topic of discussion has been the HUGE INCREASE in calls our clients receive after asking us to order their credit reports. I have been told some people are receiving dozens of calls and emails from other lenders after we ordered their credit report. Why does this happen? The 3 credit…

I see more and more clients adding utility accounts to their credit reports to help improve their credit scores. But I just learned that adding utility accounts will only help a consumer raise their consumer credit scores for car loans, credit cards, student loans, etc as those lenders use newer FICO score models. Adding utility…

One of the largest Non-QM mortgage lenders, Sprout Mortgage, closed abruptly last Wednesday with NO WARNING and all of their borrowers’ loans will NOT close. As loan volumes shrink I expect this will happen more often especially in the Non-QM world of lending. What is Non-QM lending? Non-QM loans are bank statement loans, DSCR loans…

A great sales tool for your listings is now the 2/1 Interest Rate Buydown in which the buyer’s interest rate for the first year is 2% lower than the long-term rate and their rate for the second year is 1% lower than the long-term rate. For example, the long-term rate from year 3 through year…

I am starting to hear from some buyers that they are going to wait on buying a home because of “market conditions”. I am telling them these are the “market conditions” you need to buy a home and have been waiting for. Here’s why— · Bidding wars are much rarer and smaller. For example, on…

One of my favorite people to read weekly is John Mauldin as his newsletters have over 1 million subscribers. He compared inflation from 1980 to today and I will highlight 2 quotes from him. · “Consumer inflation that households have little ability to control costs (utilities, gas, food, and electricity) is now at 25.5% annually,…

Since the day before the Fed’s announcement of a 75 bp rate increase mortgage bonds and Treasuries have been in a RALLY that has surprised people including me. On June 14th the 4.50% mortgage bond closed at $98.25 and it closed July 1st at $100.76, an increase of a remarkable 250 bps. And the 10-Year…