CRG Lending Partners Offer Creative Solutions
There is no denying the market is starting to cool as interest rates have increased, inventory challenges persist, and new construction remains slow with supply and labor issues. At CRG we are committed to finding creative solutions to ensure our clients have an excellent experience and most importantly, can find and secure the home of their dreams. Our preferred lenders play a key role in this process as they must remain diligent in finding ways to finance qualified buyers and evolve their products to support market conditions.
Lending Solutions By Gateway Mortgage Help Keep The Market Moving
Bryan Davenport of Gateway Mortgage [NMLS #411879] shared two programs in the video below with Broker-In-Charge, Rainbow Russell that will assist both new construction buyers and those 2nd home buyers.
- Second Home Buyers – In Q1 we shared information on the rate increase 2nd home buyers would see coming as of April 1, 2022 as Fannie Mae and Freddie Mac (the institutions responsible for all conventional financing across the country) imposed a rate increase to all second home purchasers. Gateway decided not to charge those additional fees, allowing them to offer buyers an equal rate to those purchasing a primary residence. Big news for our team as 2nd home buyers represent a sizable share of the market in Myrtle Beach!
- New Construction Buyers - For those who can’t find what they are looking for and have decided to build new, there are now options to help you lock in your rate with a Construction- To-Permanent Loan. This allows you to lock in today’s rate for 12 months and only have one closing, at the end of construction. This saves money on closing costs plus allows you to float down if interest rates are lower than when you lock-in.
Don’t Let Market Challenges Slow Your Move
It’s easy to let the news of market challenges give you pause in your new home plans and we do recommend cautious consideration for anyone buying a house at any time, it is the largest investment most people make! However, at CRG we are dedicated to finding tailored solutions that will assist buyers of all levels. Give our dedicated client care team a call today to discuss your plans and connect with a Realtor who can help make the process stress-free!