David Leonard is a mortgage consultant with Inlanta Mortgage, a lender out of Madison, WI. He has 12 years of experience in the financial services industry, making him one of the Inlanta’s most qualified mortgage professionals.
We chat with Leonard about the current real estate and mortgage industry in Madison. He also offers some tips for homebuyers.
What does the mortgage industry look like right now in Madison? Are you seeing a lot of applications through the door?
The Madison mortgage market didn’t take the steep declines in value or demand seen in other parts of the state. Being the State Capitol and having the University Of Wisconsin, its workforce is more educated, higher paid and less susceptible to downturns in the economy, resulting in low unemployment and less foreclosures. After the holidays we have seen mortgage applications steadily rising for purchases since last year’s historically low interest rates resulted in a disproportionately higher level of refinance applications.
What kind of mortgages are the most common in your area? Conventional loans? Should buyers look at any other types of loans?
The majority of mortgages in the Madison Metro area is typically conventional mortgages, and just outside the city USDA Rural Housing mortgages remain popular due to their low interest rate, low PMI, and no money down requirement.
Do you have any tips for first-time mortgage borrowers?
The best recommendation we could make to first-time homebuyers is to start your financing prequalification ASAP. If you have credit issues it’s best to start on them sooner rather than later, because not only do they take time to correct, but you could pay a higher interest rate because your credit score is low, be forced into a higher cost mortgage program or not qualify at all.
How are the new mortgage rules affecting those looking for a loan?
With the new rules the amount of income clients can use towards their proposed mortgage expense has gone down, so maybe other debt will need to be paid off or down to qualify.
As a loan officer, what do you wish that homebuyers, or those looking for a mortgage, knew?
In most cases, “you don’t find the home, the home finds you,” so be ready.
Thank you David Leonard for participating in our Q&A series!
