The national average total closing costs for a purchase mortgage transaction were $4,661. This amount consists of a national average of 1.06% of the home sales price.
Welcome back to the Lending Leaders Podcast! For this year’s Summer Session, we’re trying something a little different. Tune in to find out what Jim and Alayna have in store!
We’ve gotten a lot of great news here at LodeStar recently. Some of it we’ll share soon. But for starters, we’ve just learned that, for the second straight year, we’re a member of the Philadelphia100®. You may recall that this list is comprised of the 100 fastest growing, privately held businesses in the greater Philadelphia region.
By now, you probably know that LodeStar has launched our new website and, with it, rounded out our mission statement. That’s built upon what we call “The Three C’s:” Clarity, Connectivity and Community.
This week, we’re going to deviate from our typical conversation and offer up our own version of a mortgage trends report! However, it’s a topic that could become increasingly important, even though few are discussing it—yet.
We’re going to hit “pause” on our usual content stream for a moment. So we won’t be talking much about closing cost calculators, TRID guidelines or mortgage compliance this week. This is actually much more important (not that those other things aren’t important…).
It really astonishes us that more mortgage-related businesses aren’t fully taking advantage of the wonderful marketing lever that social media can be. We see some brands spending thousands upon thousands on outdated or downright bad lists.
We throw the term “mortgage lenders” around a bit casually here at Deeper Thoughts. In most cases, it suits the purpose. However, when you get down to it, all mortgage lenders are not created equally.
The power of clarity, one of the beats to which the LodeStar brand marches, is never more pronounced than during the closing process of a mortgage transaction. Unfortunately, it’s usually the lack of clarity that lenders and title agents hear about from borrowers and REALTORS.
Well, we’re officially into the fall season. At least, as far as the mortgage industry is concerned. Although there may be some uncertainty out there about the lingering pandemic, the changing market and even conference season; think back to this time last year and compare (or contrast). We may not yet be back to “normal,” whatever that means. But we certainly are moving forward.
Yes, we did tease this topic a bit a few weeks ago. However, that posting was intended more as an observation or reflection on mid-summer. I hope you all managed to get a little rest and refreshment, because Labor Day, which is the virtual, annual green flag for what tends to be the most frenetic time of year in business, is on top of us. We have a lot to discuss.
Read our CEO Jim Paolino’s Deeper Thoughts and get the latest mortgage industry news.