09/20/2024
🔈🔈🔈Hear ye! Hear ye!
Important Interest Rate News
Point #3 is probably the most important to read below!!👇
🟩 INTEREST RATES ARE DROPPING. The September FED Rate Decision and Policy Statements have been announced . Here is what you need to know:
🔹1): This rate cut DOES NOT have a direct impact to interest rates on your mortgage. The FED cut rates this week by .50% (50bps) that DOES NOT mean your mortgage rate can get reduced by that amount.
🔹2): This rate cut has ALREADY been built into mortgage pricing and current interest rates.. This is why we have seen mortgage rates come down so quickly over the last few months.
🟥 3): You are going to get BOMBARDED with predatory lenders, scam articles, and fake news after the official announcement (if you aren't already). Many are going to say mortgage rates dropped SUBSTANTIALLY TODAY.. this isn't true. PLEASE reach out to someone local that knows what they are doing and can walk you through the process. If you bought in the 6-7% range you will likely being doing 2 refinances over the next 5 years.. don't shoot yourself in the foot on the first one.
🔹4) : There is a way to BREAK-EVEN on your refinance on DAY ONE. At the very minimum you want to try and BREAK-EVEN within that first 12 -18 months. PLEASE... DO NOT let one of these scam mortgage companies buy your rate down substantially on this refinance - that is the equivalent of you throwing THOUSANDS of dollars of your hard earned money out the window.
QUESTIONS?! Please reach out - happy to help!
PAST CLIENTS?! I have everyone on a rate watch. When it comes time I am putting together a CUSTOMIZED REFINANCE STRATEGY for you as soon as it makes sense for you! If you have questions before I reach out, shoot me a call, text, DM, email - you know the drill.
713-412-9266
[email protected]
Your local mortgage lender Melanie Davenport! Learn more about Melanie Davenport, a loan officer with CrossCountry Mortgage in Houston, TX.
