First, we are offering a 1% down conventional mortgage for your borrowers!!! They also receive a 2% gift, giving them a 3% equity position! We have been able to put great people into home who otherwise wouldn’t qualify. Another great reason to reach out to those prospects with little money to put down without have to go through CHFA! Program details are attached.
Top story is that the Fed raised rates by a quarter percent, in line with expectations. As I always like to remind people, this isn’t the rate that directly drives mortgage rates. However, many other loans, such as HELOCs and credit cards are tied directly to the Fed Funds rate so you can expect to be paying more in interest on any balance you may have.
However, although the Fed Funds rate went up, mortgage rates are actually down slightly over the last week. Now is good time to differentiate yourself from the rest! Reach out to your existing clients with their best interest in mind and talk to them about the net benefit/ harm of consolidating their debt with a refinance. This can actually mean refinancing into a higher rate in certain situations. Many mortgage lenders are merely salespeople so make sure you are working with someone who is able to determine if there is a benefit of doing so. Mountain State Financial Group can assist with this process and help your clients make an informed decision.
As always, If you have any specific questions or scenarios you would like to discuss, I am always happy to help!