 Greetings!
What happened??? We've gone from a stagnant market with declining values to bidding wars! One day your employees need extra temporary living because they couldn't sell their house and now they need more because the house they wanted is gone before they can make their offer! It's not happening in every market but it's enough to wreak havoc on a smooth relocation. Top that off with increasing mortgage rates and we've got a new problem. Given what we've been through, I'll take this challenge any day.
Warm Regards,
Susan
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Good Bye to Crazy Low Mortgage Rates
Mortgage rates are on the rise! Doug Duncan, chief economist for Fannie Mae says "It's unlikely that rates will ever be that low again." Here is what is finally pushing the interest rates up:
- The Fed is no longer going to stop rates from rising. The Fed has kept rates at their lowest levels by buying up billions of dollars in Treasury bonds and mortgage-backed securities. This has allowed lenders to offer low interest rates and still make money on the loans. It was expected that the Fed would slow its purchase of bonds and securities by the end of the year, it now looks like that could happen at any time.
- The economy is not as bad as it once was. During the recession the Fed lowered interest rates to stimulate the economy. Since conditions have improved and the market believes the economy is getting stronger, the Fed will be less likely to lower the short term rates and they will start to creep up.
- Jobs have also picked up. This is another good marker for the economy, although slow, hiring is advancing rather than retreating.
These factors along with mortgage interest rates in the 3% range are just about unprecedented and will kick interest rates up. Just today, rates have surpassed 4%. The good news is that even if the rates rise a full point or two they will still be historically low.
The rise in interest rates affects the buying power of your transferring employees. And, a healthier real estate market, means there are rising home prices, quicker sales and in several areas it is a complete sellers market, with newly listed homes receiving multiple offers. Now, more than ever, they need to be well informed and prepared when looking for their new home.
What can we do to best prepare the employees for a more active real estate market? Through our mortgage partner we can have your employees fully approved (not "pre-approved) before they even set out on their house hunting trip. And, with the help of our well qualified Realtor partners, a well planned and prepared home finding trip will eliminate unnecessary stress and the best results.
Source: money.cnn.com - Why 3% Mortgages are a Thing of the Past | |
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NRI Partners with Quicken Loans for an Amazing
Employee Mortgage Program
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**UPDATE!**
Exclusively from Quicken Loans, the Power Buyer Approval is the closest thing to a full approval. Your employee is approved pending the house. They can search for their new home with confidence and negotiate from a very strong position.
NRI is very happy to be working with Quicken Loans as our new mortgage partner. After careful consideration and many glowing industry confirmations of the excellent service Quicken provides and our early hands-on experience, we are confident that we have made a very good choice for our clients and their employees.
If you would like more information, please contact NRI (or call us at 800-598-8887).
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Susan Bender
NRI Relocation
847-465-5502
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| | Pass The Word! | NRI is confident that we can wow new customers with the same personal service we provide to you and your employees. We invite you to tell others about us so that they, too, can experience the difference.
They will find what other NRI clients have found -- that no other relocation company will give them the time, attention and VIP treatment that NRI does. Employee relocation is a people business and we put our people to the test daily to create a positive experience for our clients and their employees.
Please pass the word, and let NRI show them how it's done - when you trust a company that cares about your employees as much as you do.
We guarantee -- They will appreciate NRI's white glove service as much as you do!
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