Huge thank yous to the dozens of you TBHers who have trusted me over the last year to handle your mortgage. Loans from the Green Screen are always my favorite. Being your TBH mortgage sponsor has been very rewarding!
You are no doubt hearing about falling interest rates. It’s true and it’s awesome. This week I have locked a couple of thirty-year loans at 3.625% with no points and one with lender credit! (To stay out of trouble, let’s be clear this is not a rate quote for you or anyone else.)
A few points I want to share about refinancing your mortgage:
So where are rates headed??? Here is a GREAT article from BankRate.com predicting where mortgage rates are headed. What’s great about it is how darned wrong it is. It is from Jan 2 of this year, with doom and gloom predictions for 2019 saying rates are going over 5%.
Forget guesses/speculation/timing and go with what we know today. Rates are within .25% of the lowest in history!
If I can be helpful to you, shoot me an email or call. I always have time for you!
trey@treypowers.com
512-203-5869.
FYI, I am with City Bank Mortgage, a Texas-based Bank headquartered in Lubbock. I do not throw tortillas. I'm an Aggie, Class of '94. I shoot a Mathews Switchback, am fine with high fences, and do not care if a kid shoots a two year old buck.
Thanks!
Trey Powers
City Bank Mortgage
MNLS 1294913
You are no doubt hearing about falling interest rates. It’s true and it’s awesome. This week I have locked a couple of thirty-year loans at 3.625% with no points and one with lender credit! (To stay out of trouble, let’s be clear this is not a rate quote for you or anyone else.)
A few points I want to share about refinancing your mortgage:
- How do you choose a particular lender? Go with someone you trust. Get references. Also - call them at 9:00 in the evening or Sunday afternoon and see if they answer the phone.
- Looking into a refi is painless. I can usually tell you after a 5 minute phone conversation whether it makes sense to take a closer look.
- There is no cost or commitment to apply. The first step that commits you to anything is after disclosures when it is time to order an appraisal.
- There no required cash to close. All fees associated with the loan can be rolled in.
- We often hear of the 1% rule of thumb. I.E. if you can lower your rate 1%, consider a refi. While that’s absolutely true, it can be a disservice for those shy of that. I can show scenarios where a .75% drop makes good sense.
- If you escrow taxes and insurance, the cost to populate your new escrow account can be rolled into the loan. After you close, your current escrow balance will be refunded to you within 30 days of closing. Your current mortgage statement will show you how much. It can be a nice side benefit of a refi. Certainly not a reason to refi, but a pocket of cash is attractive to some.
- This is the right time to seriously consider a refi if:
-- You are currently in an FHA loan
-- You pay mortgage insurance
-- You purchased in the last two years (not such a sexy rate)
-- You are in an adjustable rate mortgage
-- You want to cash out some of the equity in your property
-- You might consider lowering from a 30 year to a 15 year mortgage
-- You pay mortgage insurance
-- You purchased in the last two years (not such a sexy rate)
-- You are in an adjustable rate mortgage
-- You want to cash out some of the equity in your property
-- You might consider lowering from a 30 year to a 15 year mortgage
- Be cautious of the interest rates you are hearing on commercials or seeing on the internet. Those often will require points paid to buy down to that rate. Additionally, even some of the respected banking entities that provide current mortgage rates don’t tell the whole story. These are rate surveys. Those loans in the survey may or may not have points. Go to a few of these on the web and see how much they vary. Freddie Mac is one of the most reliable (see below) and at least they show the points. Unfortunately many borrowers don’t even fully understand what that means.
So where are rates headed??? Here is a GREAT article from BankRate.com predicting where mortgage rates are headed. What’s great about it is how darned wrong it is. It is from Jan 2 of this year, with doom and gloom predictions for 2019 saying rates are going over 5%.
Forget guesses/speculation/timing and go with what we know today. Rates are within .25% of the lowest in history!
If I can be helpful to you, shoot me an email or call. I always have time for you!
trey@treypowers.com
512-203-5869.
FYI, I am with City Bank Mortgage, a Texas-based Bank headquartered in Lubbock. I do not throw tortillas. I'm an Aggie, Class of '94. I shoot a Mathews Switchback, am fine with high fences, and do not care if a kid shoots a two year old buck.
Thanks!
Trey Powers
City Bank Mortgage
MNLS 1294913
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