Real estate blog entries tagged with prime rate by Rob Spinosa, Mortgage Loan Originator, Marin County (US Bank)

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prime rate: Ain't Nobody (Doing a Cash-Out Refi Right Now) - 09/25/23 05:32 PM

Ain't Nobody (Doing a Cash-Out Refi Right Now)

If you believe the statistics, 90% of homeowners with a mortgage will have a home loan rate somewhere under 5% these days. And it's a safe bet to assume that a high percentage of those may be under 4% or even 3%. If you're one of these fortunate borrowers, the thought of refinancing your historically-priced mortgage to get cash out --- a.k.a., a "cash out refinance" --- is a non-starter. To quote Chaka Khan, "ain't nobody" is doing a cash-out refi unless they ain't got no better option.

But often there can be a better … (1 comments)

prime rate: Should I Get a HELOC? - 07/01/19 07:50 AM

Should I Get a HELOC?

Thankfully, many of our clients are happy with their mortgages. The interest rate, the terms, the peace of mind --- all are satisfactory and there's no motivation to change or refinance. But what happens if there's a need to use the equity in the home to finance a remodeling project, a large purchase or to just have a "safety net?" A home equity line of credit or "HELOC" can be used to meet these purposes, but should you get a HELOC and, if so, how do they work?

What Is a HELOC?
A home equity line of credit, or … (11 comments)

prime rate: A Primer on Prime Rate - 08/28/17 08:22 PM

A Primer on Prime Rate

When we hear talk of the Federal Open Market Committee (FOMC) adjusting interest rates, there is one index in the mortgage environment that we know will be impacted, even when 30-year fixed rate loans may not see any change to their pricing. This rate is known as Prime Rate and it is the index that is used for most home equity lines of credit, or HELOCs.

If you have a HELOC on your property then it very likely will use Prime to set its base rate, with the addition or subtraction of a margin. Prime Rate itself currently … (1 comments)

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