It used to be that spring was the hot season for home buying, yet that could be changing according to an economist with Florida Atlantic University. The associate dean at the prestigious business college in Boca Raton, Florida, Ken Johnson, says that low inventory and low interest rates, as well as high prices, are the likely statistical factors that will push home sales figures upward during the summer months.
Of course, there are other factors. These have more to do with who we are as people, more so than anything else. Yet, it is important to consider all factors as you may find new demographics to market your services to. Members of the millennial generation are quickly beginning to think about their future and as such, the first-time homebuyer market is inundated with them. For instance, higher rents are forcing many millennials to consider purchasing a home of their own.
Then there is the “cabin fever” factor. People like to get out and sample a bit of sunshine. Often times, that means a change of address, as well. For those with kids, a summer move fits in quite nicely with the school calendar, and is therefore the perfect time to purchase a house. Plus, many people have new jobs now, since the job market has improved somewhat over the past year. They will use the summer months to purchase a home in their new area, to get settled in.
Plus, you have to consider the many people who did not successfully sell their home in the spring. Summer is the perfect time to get a deal for a would-be homebuyer. The July 1st weekend is perfect for moving, since the holiday can yield a three or four day weekend.
Is Your Credit Union Positioned to Help?
Knowing all of this, it’s a good idea to prepare now, should your members decide to purchase a home. Also, the information above may give you a few new marketing demographics to pursue. An Oak Tree Open-End Home Equity lending forms package is one of the best ways to facilitate your efforts.
Our forms packages include:
Lending Application: Can be used instead of the Fannie MAE application if secondary market compliance is not required. Also supports credit card access.
Early Disclosure Form: Tailored to reflect your home equity plan.
Credit Agreement and Federal Disclosure Pamphlet: Developed to meet your specific requirements.
Flood Hazard Insurance Notice: As applicable.
Letter to the First Lien Holder: As it relates to the credit union’s underwriting practices.
Security Instruments: Available for all 50 states and the District of Columbia.
Rescission Notice: A structured form that covers all three types of rescission associated with Open-End Home Equity Lending.
In addition, we offer open-end and closed-end lending forms for all of our credit union customers lending in the great state of Texas, including a good faith estimate, acknowledgment as to fair market value, and notice concerning extensions of credit.
Our Home Equity Lending forms package is fully customizable to meet your needs, and can be tailored to match your branding. Our forms package is the perfect solution, should your members decide to make a home purchase this summer.