R U gonna let the interest rate elevator bring you down?
Look --- it's a tough real estate environment right now. Sellers and builders still would die 4 to get the list price and buyers would laugh in the Purple Rain to keep their rate and payment as low as possible.
So what if lenders offered a temporary interest rate buydown, like a 3-2-1 buydown or a 2-1 buydown, that made it all possible?
Let's go crazy!
Rob Spinosa SVP of Mortgage Lending Guaranteed Rate NMLS: 22343 Cell/Text: 415-367-5959 rob.spinosa@rate.com
Marin Office: 324 Sir Francis Drake Blvd., San Anselmo, CA 94960 *The views and opinions expressed … (1 comments)
No doubt about it, since 2022 got underway, mortgage rates have been on a stairway higher and that makes it harder for our buyers to qualify for a mortgage on one hand and even when they do qualify, it puts additional strain on their household budget on the other.
So how can buyers and owners keep their rate and payment as low as possible despite rising interest rates? In this short video, I cover three classic ways to "fight the Fed:"
Paying discount points. Choosing an ARM over a fixed rate loan. Considering an interest-only mortgage program. … (9 comments)
Back in the '70's, Edgar Winter extolled the virtues of taking a free ride. But since that time and especially when it comes to transactions in the financial world, most of us have been conditioned to know that nothing's ever free.
So how does this square with the concept of a "no cost" refinance? We hear about these all the time and our clients ask for them. How does the no-cost strategy work and can it offer real benefit in the right situation? We cover all these timeless questions in this short, fun, rockin' video:
When a homebuyer, or homeowner looking to refinance, obtains a mortgage, there are always associated costs. Even in the so-called "no cost" loan structures, trust me, you're paying something. When a consumer does the research on what it will cost to get a loan, there are a few ways to categorize and better understand what's being charged. Specific numbers will vary wildly depending on the nature of the transaction, the amount and where the settlement takes place. A key takeaway of this article will be to differentiate between a "cost" and a "settlement charge." They are not … (4 comments)
Let's get right to the point. What point? Points. I don't get it. What's your point? The point is points --- what are they, how do they work and should I pay them when I get a mortgage? There's a lot of confusion about points and when a borrower researches his or her best mortgage options, inevitably there will be an element of points in the debate. So in order to help ourselves find the best terms on any home loan, we need to get this point thing under our belt.
Point One (One Point) Simply, one point equals … (46 comments)
As this was written, we were mere hours from a Federal Open Market Committee (FOMC) decision wherein "the Fed" would raise short-term rates another .25%, and provide some insight into the trajectory of rates into 2019 and beyond. Barring something unpredictable on the financial markets, or barring the realization of the permabears' scattershot predictions of impending doom, most economists feel that we are going to continue down a path of higher interest rates, both at the Fed funds level and spilling over to longer-term rates like mortgages.
What is the home buyer to do?
Well first, we're going to dispel the "don't worry, … (2 comments)
How to Rock an Interest Rate Buydown!!!
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