Many Americans took advantage of the extra low rates that were available during the pandemic years. Some may be feeling trapped at having a rate in the 3% range since we’ve returned to a more historically “normal” range. [Read more…]
Do You Have Student Loans?
July 5, 2023 by Leave a Comment
If you have student loans that have been on hold for the past three years, your payments are about to resume. Some have replaced the student loan payments they would of had the past few years with new debts, such as car loans, maybe a new home or higher credit card debts. There is no doubt that the “pause” being over may impact many American families. [Read more…]
Should You Wait to Buy A Home?
June 29, 2023 by Leave a Comment
If you’ve been considering buying a home or if you’re a real estate agent who is working with clients who are on the fence about buying; please check out my latest resource page: Should You Wait to Buy a Home (mortgageporter.loans)
I have prepared various scenarios that compare renting to buying a home as well as a report on the cost of waiting.
Of course, I’m more than happy to prepare scenarios to help you decide if you should wait to buy a home now or rent. Please reach out to me if I can be of any assistance!
Are You a Co-Signer on a Student Loan?
June 26, 2023 by Leave a Comment
When Congress resolved the latest debt ceiling with the passing of The Financial Responsibility Act of 2023, both parties agreed to stop the forbearance on student loans payments. Federally backed student loan payments have been paused for the past three years due to the pandemic. Payments on student loans are set to resume following this September and many are not going to be prepared for this. [Read more…]
Tired of “Trigger Leads”? Take ACTION NOW!
June 20, 2023 by Leave a Comment
If you’ve applied for a mortgage, you are probably painfully aware of what it’s like to be a “trigger lead”. When your credit is pulled, the consumer reporting agencies resell your information to lenders. These unfamiliar lenders relentlessly harass consumers via phone calls and even text messages. This is very different than consumers who sign up to receive calls from various lenders when the consumer visits and enters their contact info into “lead generating” websites in search of rate quotes. A person having their credit pulled by a lender they have selected should not involuntarily be subject to having strange lenders contact them. [Read more…]
What is an Offset Mortgage?
June 19, 2023 by Leave a Comment
An “offset mortgage” also known as an “all-in-one loan” is basically a 30-year home equity line of credit that includes a sweep-checking account where the deposits go directly to paying the principal balance. Homeowners can still access the funds they deposit (and their home equity) from the account, using it to pay their day-to-day bills, vacations, home improvements, whatever the credit line has available. It is essentially a “normal” checking account. [Read more…]
It’s Fed Day! Will they Pause or ? [Live Post]
June 14, 2023 by Leave a Comment
10:15 am: As I begin this post, we are about 45 minutes from knowing if the Fed is going to “pause” on hiking the fed funds rate, or if the hikes will continue.
Typically, mortgage rates would be improved right now already factoring in the pause, which would indicate that inflation is taming. Inflation retreating is good news for mortgage interest rates since mortgage rates are based on bonds (mortgage-backed securities). Right now (10:17 PST), MBS for 30 year 5% are down about 10bps. [Read more…]
Trouble making your monthly payments? Please don’t wait to refi.
June 6, 2023 by Leave a Comment
I have been writing about how high credit card interest rates have climbed with the Fed raising the funds rate. If you’re not paying off your entire credit card bill each month, you are probably owing a bit more due to the high credit card rate. Credit card debt can be an uphill battle. [Read more…]
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