2016 was a great year for Transparent Mortgage. As owner, I take a great deal of pride in the growth of this mortgage company over the past few years and our 97% closing rate since 2012. Above all else, it feels nice to empower the homeowners of San Diego with proven mortgage lending and refinancing solutions. Here is my 2017 Mortgage Forecast.
We expect 2017 to be an even better year for Transparent Mortgage with continue growth and process improvement. We are in the process of looking for a new office space in San Diego and additional investors that will enable us to expand. We’ll also be looking for more team members and adding more staff. We’ll be upgrading the Transparent Mortgage website, getting more active on this blog and furthering our social media efforts to connect with clients and allow them to see what we’re all about. When you add it all up, we will be able to serve more customers’ mortgage needs and improve upon the already high service ratings we’re known for on Yelp!, Facebook and other consumer review sites.
2017 will also bring some changes in the mortgage industry, both locally and nationwide. Fundamentally, we expect to see shifts in economic policy including lower taxes, less regulation and further stimulus. This may lead to increased confidence, stronger economic growth and higher inflation. While these trends may not be good for Bonds or interest rates, they may ultimately spur the housing market as a whole. However, the next few months will be very telling, as it remains to be seen how the economy will perform moving forward and whether it will justify the move upward in rates.
Even though rates may rise, we do not expect the home buying activity to slow down. In fact, it should do well. After all rates don’t buy houses, jobs do. And of course I want to make sure our 2017 Mortgage Forecast reflects that.
The FHA recently announced that they will be increasing loan limits to counterbalance with rising home prices. Higher minimum loan amounts coupled with higher maximum loan amounts will mean more opportunities for people to buy their dream homes. San Diego County’s specific FHA loan limit range is $275,665 up to $636,150. For more insight into these changes, read my previous article here.
President-Elect, Donald J. Trump, and his new administration are expected to push for deregulation in the financial and banking industry, including the possibility of eliminate parts or all of the Dodd-Frank Wall Street Reform and Consumer Protection Act (and thus the Consumer Financial Protection Bureau) that was put in place during the Great Recession. It is highly unlikely that these will be repealed entirely, but changes may come that could make it easier for consumers to get mortgage loans. It’s too difficult to speculate on any financial deregulations or reformations until they are enacted, so we’ll have to wait and see what happens.
Whatever happens in 2017, my team at Transparent Mortgage will be working our hardest to protect the best interests of our clients. We will continue to make sure you are well informed both at the start and throughout every step of the process. That is our promise to you because empowering homeowners is what we do best at Transparent Mortgage.
If you have any questions about our 2017 mortgage forecast or your own mortgage lending needs, contact Transparent Mortgage today and we’ll be happy to help!