August 14th, 2019

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Total mortgage debt in the US has officially hit an all-time high, growing $162 billion in 2Q to surge past 2008’s peak. Part of this surge may be attributed to rates hitting multi-year lows, which has boosted the refi market. The national mortgage debt is now up to $9.406 trillion, which means there should be plenty of opportunity for refi and first-time purchase business. Consumer debt keeps climbing, so take the time to have detailed discussions with your borrowers about how they can leverage their equity to consolidate their debt, lower their monthly expenses, and use those savings to either reduce their terms or put toward their desired financial goals. Right now we’re going through a highly opportunistic market, so take advantage of it.

Beau Vermillion