Friends and Clients --
We've set a new record. In fact, we've set a bunch of them. Let me explain.
Throughout 2020, the 30-year fixed mortgage rate hit a new low eight separate times.
The most recent record happened only a few weeks ago when we reached a record low 2.75%.
So many questions come up: Could rates continue to drop? If you are looking to buy or refinance your mortgage, should you wait to scoop up an even better deal in the months to come?
And most importantly -- how do people screw things up when refinancing their homes?
Here's what you absolutely need to know about mortgage refinancing:
1) Rates DO fluctuate all the time. Sometimes they swing wildly over the span of a single day.
2) You can't take advantage of the deepest intra-day dips UNLESS you have a loan application already on file. (That's the key to success here, more about that later.)
3) There are a few ways to save on costs associated with refinancing. Example: Ever heard of an 'appraisal waiver'? You may be eligible to skip the cost and delays associated with having your home reappraised for the new loan.
4) Some of your costs are tax deductible (good to know!)
The biggest takeaway is to start NOW if you want to maximize your return from refinancing your home or investment properties.
Here's the thing -- when rates bottom out during the day, it might only be for 5 minutes! That's not enough time for your lender to call you, for you to submit a loan app and get approved.
You need to have your application in now so that your lender can push the 'lock' button when rates are at their bottom.
Want to know what kind of rate you could get today? And where they may be headed next month? Go to https://get.johnmcclellan.com/watters/ to get your quote from Supreme Lending, the highest-rated local mortgage company in Central Texas. (You've heard them on their weekend real estate radio shows, seen them on TV and probably heard me talking about them 1000 times before. They're that good.)
Low fees, great rates and loans that close reliably and quickly --- they're the go-to lender for Austin's top realtors, period.
Have a great day,
Looking to buy a home? Looking to sell a home?