Better Mortgage, a digital mortgage lender, has reported that it has tripled originations in 2018, in the face of higher rates and a slowing real estate market.

[caption id="attachment_9118" align="alignright" width="256"] Vishal Garg[/caption]

Loan originations jumped to $1.34 billion in 2018, compared with $450 million in 2017. Better aims to deliver lower rates, faster closing times, and a transparent, technology-driven mortgage experience. The firm lends in 27 states and Washington, D.C., and its non-commissioned loan officers originate on average more than 40 loans each month, compared to the industry standard of 4.2 loans each month, according to data from the Mortgage Bankers Association. Because loan-officers aren’t paid commissions, the cost of buying a mortgage might be reduced and consumers might be more educated about the origination process.

"Our mission is to change the way Americans buy and refinance their home and we are just getting started," said Vishal Garg, founder and CEO at Better Mortgage. "In a year when the rest of the mortgage industry contracted, we've tripled loan originations by delivering value to consumers by completely re-engineering the mortgage process, by eliminating the traditional commission structure and prioritizing customer service over sales."

Better promises pre-approvals in as little as three-minutes, on-time closings and a Better Price Guarantee.

Freddie Mac provided more than $50 billion in home mortgages to 262,328 families through its Home Possible mortgage origination program.

The program assists low- to moderate-income homebuyers by offering a three-percent down payment solution from a variety of funding sources to families that meet or exceed a rigorous assessment process.

“Home Possible is transforming the way we serve the growing number of lower-income borrowers who want to own a home,” said Danny Gardner, senior vice president and affordable lending and access to credit at Freddie Mac. “The powerful impact of sustainable homeownership on families is something we do not take for granted.”

The organization has been helping this segment of homebuyers overcome the leading barrier to homeownership: Providing funds for the mortgage down payment. Home Possible mortgages are only available to families with income at or below their area median income, except in areas already designated as low income. The program makes mortgages available to families that meet or exceed a rigorous, required loan application review process.

Freddie Mac has been successful in educating and assisting an increased percentage of first-time homebuyers, diverse populations and Millennials in their quest to attain homeownership. First-time homebuyers account for 79.3 percentage of people benefitting from Home Possible.

Also, low-down payment offerings like Home Possible are helping to increase the homeownership rate for lower-income borrowers from its low of 48 percent during the second quarter of 2016 to 51 percent during the third quarter of 2018, according to data from the U.S. Census Bureau.

“Homeownership is critically important for families, whether they are first-time homeowners or purchasing a home they plan to live in through retirement. We believe the need and demand for affordable lending is only going to increase,” added Gardner.

Freddie Mac works with its industry partners and clients to offer affordable products, resources and education to make the dream of homeownership a reality. This includes educating potential homebuyers at the community level about their financing options, while analyzing the housing landscape to ensure the needs of low- to moderate-income borrowers are met.

Expensive coastal hubs remain the most coveted places to live, but neighborhoods in Baltimore and Philadelphia are gaining popularity as the most desired, affordable neighborhoods in 2019, according to “Hottest Affordable Neighborhoods” a new report from Redfin.

Neighborhoods in Chicago, the Portland, Oregon and Boston metro areas and San Antonio also show up in the rankings. The report determines the hot neighborhoods that are affordable for the average homebuyer by incorporating a price cap of $294,000, the national median home price.

Below are the top-10 hottest-neighborhoods, based on median sale price, average sale-to-list price ratio and percent of homes that sold above list price from data gathered in November 2018

1.McKinley Park, Chicago,

Median sale price: $270,000
Median sale price for metro area: $230,000
Average sale-to-list price ratio: 97.9%
Percent of homes that sold above list price: 35.1

2. East Mount Airy, Philadelphia, PA

Median sale price: $200,000
Median sale price for metro area: $199,000
Average sale-to-list price ratio: 98%
Percent of homes that sold above list price: 28.1%

3. Parkville, Baltimore, MD

Median sale price: $204,900
Median sale price for metro area: $270,000
Average sale-to-list price ratio: 98.2%
Percent of homes that sold above list price: 24%

4. Hamilton, Baltimore, MD

Median sale price: $159,500
Median sale price for metro area: $270,000
Average sale-to-list price ratio: 98.5%
Percent of homes that sold above list price: 31.6%

5. Fircrest, Vancouver, Washington(Portland, Oregon metro area)

Median sale price: $282,500
Median sale price for metro area: $385,000
Average sale-to-list price ratio: 100.1%
Percent of homes that sold above list price: 20

6. Bustleton, Philadelphia, PA

Median sale price: $248,250
Median sale price for metro area: $199,000
Average sale-to-list price ratio: 98.1%
Percent of homes that sold above list price: 29.4%

7. Linthicum, Baltimore, Md.

Median sale price: $271,000
Median sale price for metro area: $270,000
Average sale-to-list price ratio: 99.4%
Percent of homes that sold above list price: 37%

8. Lowell, Boston, Mass.

Median sale price: $249,250
Median sale price for metro area: $471,100
Average sale-to-list price ratio: 102.5%
Percent of homes that sold above list price: 38.9%

9. Fox Chase, Philadelphia

Median sale price: $219,000
Median sale price for metro area: $199,000
Average sale-to-list price ratio: 98.4%
Percent of homes that sold above list price: 30.2%

10. Beacon Hill, San Antonio, Texas

Median sale price: $213,264
Median sale price for metro area: $220,000
Average sale-to-list price ratio: 98.5%
Percent of homes that sold above list price: 46.2%