Mortgage

Taking Advantage of Low Mortgage Rates

2016 is wrapping up quickly and the mortgage rates for 2017 haven’t increased, but they are expected to.  We’ve seen a dramatic increase in rates since the elections.  I know this is something that I keep talking about, but I want to make sure that my clients don’t lose out on the opportunity to lock in a low rate.  This is all about timing. If you’re thinking about buying or selling, I’d recommend doing it now. Talk to me about getting pre-approved for your dream house or schedule a quick mortgage check up to see if refinancing is an option.  You’d be surprised with how creative I can be! Another hot topic is our new “digital mortgage process” which is going to make getting a loan easier than ever.  The normal 45-day process has been cut to 10… not joking. All of this being said, I encourage you to get…

How to get off the mortgage rate roller coaster

While the idea of mortgage rates going up might be frightening, the good news is that you can start preparing yourself for this right now. Beyond the typical advice of “start budgeting and save money” I’d like to offer a simple bit of overdue advice. Don’t wait. If you are looking into purchasing a home… don’t wait. If you plan on refinancing, right now is the time to do it. Beyond just the roller coaster of rates that are going to severely hinder every home buyer/owner in America, many economists forecast that home values in northern Virginia will appreciate by 4.2%. Now, I touched on this in a previous blog post but I cannot say it enough that right now is the time to take action. Home rates go up, you lose buying power. Home prices go up, you lose buying power. Put it together and you exponentially lose buying power.…

Mortgage rates up? No problem for the highly qualified!

Allow me to qualify my statement. Rates went up, but they are still really good.  I mean 4% is still free money; however for the highly qualified there are still some amazing options and ways to keep your rate in the low 3s! One product remains that is offering really low interest rates for highly qualified buyers.  Refinancing or purchasing a home, you can still get well in the low 3s if you meet the tough criteria.  Additionally, if you don’t have the full 20% equity, these loans can be structured with no PMI. With that said, let’s not sugar coat it.  The investor purchasing these mortgages are looking for the cream of the crop, the low risk borrower and overall just the highest quality transaction.  The process is like pulling teeth as well with high credit score requirements and lots of documentation to provide.  You also have to prove…

Say Goodbye to low mortgage rates

You heard me right.  Say goodbye to that low, low rate of just a few days ago.  The election of Donald Trump has set the economy in a whirlwind and thrown mortgage rates through the roof. The day of the election my 18 year old son who is a student at Patrick Henry College (great school btw) asked what a Trump win would mean for my business.  I told him a convoluted story about how Trump’s main focus is putting America first and putting money back into business, etc.  It’s simple supply and demand.  More money into the hands of the consumer (be it through more jobs, lower taxes, etc.) means more money spent.  More money spent means and upwards pressure on prices.  Upwards pressure on prices means inflation.  Inflation means higher mortgage rates. Now in the world of today, it’s oftentimes not that simple, but it’s safe to say…

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