Quick Q&A with Brian Leibowitz, CEO, Affordable Financial Services

Brian Leibowitz, CEO of Affordable Financial Services, answers a few questions on current trends in the mortgage industry.

What do you think is the reason for the recent rise in mortgage applications?

Low interest rates have been the major catalyst in motivating homeowners to attempt to refinance. But due to recent cutbacks in major lending institutions, loan officers are often ill-prepared or inexperienced in handling the sometimes unconventional forms of income that many clients have.

Have you observed the same trend at Affordable Financial Services?

Affordable Financial is receiving a plethora of mortgage applications every week. I feel this is largely in part due to the fact that all clients that have closed with us have been extremely happy in the loan process. Our loan officers are always available and go the extra mile to ensure that clients are comfortable and fully informed through the whole process. This process can be viewed as intimidating to say the least.

How long do you think this trend will continue? Will this lead to a recovery in the housing and mortgage industry in general?

At Affordable, we feel that in the near future, rates will remain low in an attempt to spark the economy. Additionally, the purchase market is truly making a recovery in the current housing market due these lower home prices. As for how long this will continue, I do not dare to infer that I would know when it will end.   This can help in leading to a full recovery, only time will tell if it will.

What does this trend mean for home buyers or home owners? What advice would you give them to take advantage of the low mortgage rates? Is refinancing a better option right now, considering the increase in applicants seeking to refinance?

Rates are at historical all time lows, this is in part due to the President’s direct endorsement of the home recovery plan. Clients should definitely consider buying or refinancing now while rates are at all time lows.