When it comes to Costa Mesa home loans, Ellie Mae has the inside scoop.
“Ellie” is a tech company that provides automation software to a large chunk of the mortgage finance industry, including Costa Mesa lenders. Since more than a third of all U.S. home loans flow through its systems, Ellie Mae gets a first-hand look at what’s going on in residential home sales and financing. Up there from its perch on the electronic balcony, it gets a very accurate picture of the action in real time.
Ellie issued a news release last Wednesday that contained some interesting tidbits that might benefit Costa Mesa homeowners or about-to-be homeowners. These releases are timely glimpses of the tides of U.S. home loan trends and specifics of what’s being required and what costs are being charged. If you’re going to be applying soon, those are attention-getters.
I’ve mined a few of the latest nuggets describing this year’s late summer/early fall activity:
- For the first time this year, September’s 30-year interest rate “for all loans” decreased (by a tad) to 4.91%.
- Refinancings remain a low percentage of the loans closed—29%—which is down from 38% a year ago.
- Adjustables (ARMs) increased as a percentage of loans made, at 7.2% of the market. That’s about half of a percentage point higher than in August (not surprising, since home prices are up).
- FICO score averages inched up to 727.
- The amount of time it took to close held steady at 45 days.
It’s a truism that Costa Mesa homes have to be sold twice: once to the buyer, and then to the lender. If you are planning to buy or sell in the foreseeable future, staying aware of how residential financings are trending prevents being blind-sided when that “second sale” is pending. Of course, we keep a more focused eye on Costa Mesa activity—so when you tap us as your Real Estate Team, you can be sure there won’t be any surprises. Call anytime!
We are built on a philosophy of Heritage & Hustle L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, L3 has grown to a full staff of 20 serving over 300 clients a year. L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact L3 today at 714-444-4663 or email us at email@example.com