CalHFA Drops Rates and More!! SoCal Mortgage Market News - September 2019

CalHFA Drops Rates and More!! SoCal Mortgage Market News - September 2019. When is Refinancing a Mortgage a Good Idea?

CalHFA Drops Rates and More!! SoCal Mortgage Market News - September 2019 video duration 23 Minute(s) 4 Second(s), published by Teresa Tims on 18 09 2019 - 15:00:00.

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MortgageCoach #TotalCost Analysis Watch this interview to optimize REFI's from your past clients and referral partners WATCH Todd Duncan Total Cost Should I refinance my mortgage? With the recent drop in interest rates, you might be wondering if now would be a good time to refinance your mortgage
In this When we hear mortgage rates are going up or down, a lot of us may wonder if we should refinance our mortgage
Sometimes it makes sense, sometimes it .

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Current Market
Mostly stable to declining in between buyers and a seller's market. I've noticed a lot of low appraisals lately, unique properties and high-end homes. If you don’t agree with me I suggest you look at some local data from Bruce Norris and Steven Thomas.
Purchase Opportunities
Makes sense do it… never a bad time to be a homeowner. Riverside / Jurupa Valley has a lot of great inventory, Big Bear / Lake Arrowhead, Las Vegas Area
CalHFA my favorite 1st-time buyer program just dropped its rates! They were in the 5’s now they are in the 3’s!!! That is huge!!!! Get in with No Down and maybe 2-3K Yes Please!
Home Refinance Tips
OMG don’t get me started!!! There is so much misinformation out there but the one thing is rates are great for those who purchased in the last 2 years almost everyone can benefit. 3 Tips to keep in mind when refinancing:
1. What is the old loan amount or PAYOFF and New Loan Amount?
2. Rate (payment the Principal and Interest payment look at that)
Literally, add the “Principal / Interest” Payment on the old and new loan… THAT IS THE TRUE SAVINGS!!!!
3. The lender charges not the taxes and insurance (below are the Lender Fees)
Origination fee
Discount Points
Loan Processing
Underwriting Fee
Admin

How to Refi Smart
Refi Smart, keep it low cost, let it pay for itself and do it again in a year when the rates go even lower. Rates will go lower but take your savings today and position yourself for tomorrow.
Example:
Cost to refi is 3500.00
Savings is 300.00 per month, 3500/300 = 11.66
Therefore, this loan pays for itself in Under one year. PURE FIREEEEE
IMPORTANT THINGS TO CONSIDER
How long have you had the loan… Don’t start over in a 30 year add 5k to your loan balance to save 100. Let me help you evaluate ALL THE OPPORTUNITIES TO MOVE FORWARD WITH THE BEST PLAN TODAY… AND TOMORROW OR 5-10 YEARS FROM NOW.
When to stay in an FHA VS Conventional Refinance
FHA Streamlines are on FIREEEEE and why they are sometimes better for a client than Conventional home loans.
Example; Old FHA Loan 307k loan balance
FHA 3.5 New loan 309k save 200.00
Conv 3.875 New loan 314k save 190.00
Why have a higher loan balance just to go “conventional” makes no sense PLUSSSS THE BIGGEST BENEFIT IS … going into a down market you can still refinance no matter what the value (useful in a down market) and save money with virtually no cost!!

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