QRL Financial Services offers a wide range of residential mortgage services tailored to meet the specific needs of banks and credit unions.

The recent downward trend in mortgage rates is benefiting homebuyers in more ways than one. Not only does it improve affordability, but it also has the potential to inspire more homeowners to put their houses up for sale.

In the past year, the limited housing supply has been a challenge for homebuyers. Many homeowners chose to delay selling their homes when mortgage rates increased. They opted to keep their current lower mortgage rate instead of moving and taking on a higher rate on their next home. This created a shortage of available homes on the market.

However, early signs indicate that these homeowners are now ready to make a move. According to data from Realtor.com, there was an increase in new listings in December 2023 compared to December 2022. Typically, housing market activity slows down towards the end of the year as sellers delay their moves until the new year. This is the first time since 2020 that an upward trend in new listings has been observed during this time of year. It suggests that the rate lock-in effect is easing in response to lower rates.

Since their introduction in 1944, mortgages backed by the Department of Veterans Affairs (VA) have enabled millions of veterans and active-duty military to buy a home without a large down payment. While VA loans weren't always easy to underwrite, the process has seen major improvements over the past ten years.

Many agree that the mortgage process can be overwhelming for anyone. Sure, we can make the process of filling out a mortgage application easier for borrowers with the convenience of online, over the phone or in person. But are we capturing all of the information we need to make a decision? Are we providing a good experience for the borrower or complicating it by not asking the right questions?