Pruitt Approved, Mortgages by Matt Pruitt

09/18/2024

The Fed's interest rate decision is due at 12:00 PM Central time. How will their decision affect mortgage rates? In the words of my mortgage mentor, "Anyone who acts like they know what rates are going to do is either delusional or dishonest."

It's not a given that a Fed rate cut will result in lasting lower mortgage rates, for a few reasons:
1. Higher inflation expectations can push rates up.
2. Mortgage rates often follow bond yields, not just the Fed.
3. Global conflict and Elections can drive up demand for U.S. bonds.
4. If Powell says "temporary inflation," investors might choke.

But why not hope for the best? Rates may drop like a rock, and then we can all go to Sizzler.

*crosses fingers and whispers big money no whammies*

09/04/2024

*FLASH SALE*
For 60 days we have especially LOW RATES for Purchase and Refinance of Investment and Second Homes.
817-729-6559

08/15/2024

Good News! I may not have to go back to delivering pizzas:
1. Just quoted 6.125% with no points on a 30-year Conventional, with FHA and VA rates in the 5's. Refinances are picking up!
2. Inflation is slowing; yesterday's report came in at 2.9%. Cuts are coming in September!
3. We have clear guidance on structuring deals for buyers paying all or part of agent commissions if needed.

06/17/2024

"I want to buy a house! My income is okay, but little to no savings. What should I do?"

Text me: 817-729-6559

11/13/2023

Lenders won't shut up about buydowns. Why? Because buydowns are saving deals. Two short stories:

1. This weekend a realtor in Colorado called to tell me our retiree buyers were terminating their contract. She said they loved the house but felt the payment was too high. We jumped on a call to review their options, one of which was a buydown. The monthly payment went from $3,978 to $3,026. They decided to stick with the house they love and plan to refinance in 2025. A buydown can dramatically improve a buyer's monthly cash flow in the short term.

2. A Fort Worth realtor friend called last week because she's got a listing that is sitting. She says it's priced right in the mid-400s, she is a seasoned agent and knows what she's doing, but inexplicably, no showings. We put our heads together and theorized that the number one problem for buyers right now, especially in that price range, is the interest rate (monthly payment). I sent her verbiage for her listing about adding a seller credit for a buydown that significantly improves a would-be buyer's monthly payment. I threw in a lender incentive as well.

3. Bonus story: I'm the preferred lender with two builders (shout out DOC Homes and High Street Homes) and they are both offering seller credits for buydowns right now!

You start seeing lots of cringey gimmicks when the market is slow, but for me, buydowns are actually making a difference. Cheers, things are looking up! Call or text anytime: 817-729-6559

10/31/2022

First one-time close loan (OTC) COMPLETE - the house is done and the family is living in it. I was allowed to do this OTC loan prior to the company-wide rollout and this family took a gamble on being my guinea pigs. Their builder, who is Mr. Borrower's brother, and a past client of mine, managed the draw and inspection process flawlessly and finished a 2,700 4/2 in Lipan in just FOUR months, even though 12 months is allowed.

Now we have a guide and are ready to serve at scale. Call or text anytime if you think a One-Time Close loan might be a good fit for you: 817-729-6559

Building a house it streesfull, but Cardinal Financial can make financing a breeze with our One-Time Close Construction Loan product. One qualification proce...

08/11/2022

Should you wait for prices/rates to come down before you buy? It depends, but net net, probably not.

Whether you’re a potential homebuyer, seller, or both, you probably want to know: will home prices fall this year? Let’s break down what’s happening with home prices, where experts say they’re headed, and why this matters for your homeownership goals.

08/10/2022

Good news: the housing market won't crash.

Why?
1. We don't have enough homes for sale. The total housing inventory at the end of June, 2022 was 1.26m units. Unsold inventory sits at 3 months supply - a healthy/neutral market is 7 months.
2. We don't have enough new construction. We will finish building about 1.3m homes this year. This does not meet demand.
3. We don't have a bunch of bad loans/unqualified borrowers that will cause foreclosures like in 2008.
4. In 4 out of the last 6 recessions, housing prices have continued to rise.

So what?
We are in a small window of uncertainty. Be decisive, buy now, participate in likely appreciation, and refinance later. Be a real estate genius.

06/14/2022

This is good stuff. “...today’s housing market looks a lot like the 2019 housing market, which was the strongest housing market in a decade at the time.”

If you're following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know.

03/30/2022

"Anyone who says they know what rates are going to do is either delusional or dishonest."

Here's what these smart folks think rates are going to do:

Based on the Primary Mortgage Market Survey from Freddie Mac, the average 30-year fixed-rate mortgage has increased by 1.2% (3.22% to 4.42%) since January of this year. The rate jumped by more than a quarter of a point from just a week ago. Here’s a visual to show how mortgage rate movement throug...

03/16/2021

House. Money. Wealth.

There are many financial and non-financial benefits of homeownership, and the greatest financial one is wealth creation. Homeownership has always been the first rung on the ladder that leads to forming household wealth. As Freddie Mac explains: