Roll With the Changes-Get Ahead of Changes in the Home Financing Market

Written by Posted On Monday, 17 May 2021 00:00

“I don’t regret the things I’ve done. I regret the things I didn’t do when I had the chance.”

We have seen lots of moving and shaking going on this week in the home financing market.  The inflation data ran hot, sending the 10-year bond yield into a spike.  When the bond yields spike, it typically bumps up the price of mortgage rates. Rates were up about an eighth of a point.   This Richter scale blip could spell higher bumps in the mortgage rates later.  When the financial markets move around, you may want to put yourself in a solid place. 

Several mortgage clients put themselves in a stable place and are enjoying some bragging rights right now.  The Smiths refinanced and lowered their interest rate and freed up a few hundred dollars per month by lowering their mortgage payment.  They plan to take part of the extra money and pay off debt. The other part of their savings is to take some memorable vacations. 

The Millers have ratcheted down their mortgage rate and eliminated ten years off their mortgage term. Now they can retire without being tied down to a mortgage payment. 

I have celebrated with the Garcia’s who took this opportunity to refinance, pull cash out to upgrade, or modify their home.  John and Jane Doe bought an additional house.    

The Johnsons bought their first home and locked in a fixed-rate mortgage in the high 2’s that will help them build wealth and keep their budget on track.  They don’t have to worry about the landlord raising their rent every year. 

The opportunity is there now but will be gone one day, and we don’t know when.   Do something today, and don’t regret missing the opportunity. 

Home prices are steadily rising. The National Association of Realtors announced that the median home price rose 16.2% year-over-year to $319,200. That means the houses selling in the neighborhood where you want to live selling at $200,000 last year are now selling for about $232,000.  That is a $32,000 difference over 12 months or a $2666 per month increase. 

The Millennial generation leads the home buying market, with Generation Z making their entrance into the real estate market.  Demand is predicted to remain strong for home buyers.  The lack of homes available to buy is currently continuing to push prices up.

As mortgage professionals, we can win trust and appreciation from our mortgage clients when we listen carefully to what the customer wants to accomplish from the new mortgage. Ask good questions like, “What do you want to accomplish with this mortgage?” “What is the maximum house payment that is personally comfortable for you?”   Asking open-ended customer questions like these can move you to the customer’s side of the table. You will be in a better position to help them choose the very best mortgage terms to meet their goals. 

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Jo Garner

 NMLS# 757308 (currently working with Sierra Pacific Mortgage, Inc Cordova, TN  NMLS # 1788 An Equal Housing Lender)

“Whatever YOUR  personal priorities are, my job is to help you get the mortgage terms that will give you bragging rights when you talk about it and help you score on  hitting your goals .”

As a mortgage loan officer, my job is to help you get to the  benefits you want from your financing terms.  What is most important to you? I can help you find the financing terms that will help you get to what you want.   What is your comfort level on a house payment? How much are you comfortable paying down,? What type of financing do you need to get the house you want to buy or refinance?

Different clients have different priorities in life—some are buying their first home with very little down payment funds.  Some are recovering from medical challenges, divorces or preparing to send children to college and some are embarking on a long term goal of buying properties to build rental income.”

Jo Garner is a mortgage officer with extensive knowledge in tailoring mortgages to her customers who are refinancing or purchasing homes all over the country.  She offers conventional, FHA, VA or other loan programs for refinancing and purchases. 

Jo can help you look at rent vs buy, when it makes sense to refinance, how to get the best deal on your home  purchase financing.  

Jo Garner  has been in the real estate/financing business for over 25 years.  She got her start in Portland, Maine where she first began her real estate career. She received her real estate education from the University of Southern Maine  and was personally mentored in San Diego, California  by Robert G. Allen, author of Nothing Down, Creating Wealth and The Challenge

On moving back to West Tennessee in 1987, she went into business buying and selling discounted owner-financed notes secured on real estate.  In 1990 Jo went to work for a residential mortgage company and has been a mortgage loan officer for over 25 years.  Her goal is to offer excellent, affordable service to her customers, tailoring the loan programs to the specific needs of her clients.  

In addition to her work in the mortgage field, Jo Garner is the primary sponsor and founder of Talk Shoppe in Memphis. www.TalkShoppe.com

Jo Garner also host the radio show Real Estate Mortgage Shoppe airing on News Radio AM 600 WREC and iHeart Radio with podcasts and show notes published on www.JoGarner.com.

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Pick up her book “Choosing the Best Mortgage-The Quickest Way to the Life You Want on Amazon.com and BarnesandNoble.com .

www.JoGarner.com

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