Stephen Prescott - RVP- Mortgage Loan Officer NMLS 1451147

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Plano, TX
Stephen Prescott - RVP- Mortgage Loan Officer NMLS 1451147

Stephen is our dedicated and determined RVP- Loan officer. He has the expertise and experience to truly provide you with all of the options available.

He has spent over 25 years in the mortgage industry in various roles, from sales, origination processing, and servicing.

10/30/2024

Wanna see why the BOND market and Mortgage Rates keep going up. You see a lot of posts that talk about rates and their movement but not a ton into the "WHY". First the FEDS do not control Mortgage rates at all. INFLATION is what moves mortgage rates. But I did some deep dive and research into recent trending and somethings not adding up.

This is today's ADP Employment report and it appears as if there's an increase in jobs and seasonal employment. But notice a pattern within the last 2 years vs since 2016. This makes the stocks rally selling off BONDS which makes our BOND pool of money smaller and Mortgage rates go UP.

For the first time in 8 years there has been a positive number for seasonal employment. The NSA = Non Seasonal Employment & SA = seasonal employment. Instead of subtracting the seasonal workers from the workforce (shown- do the math) normally, they've added them together to make it look stronger, seems. Devise your own opinion but the numbers provide a telling tale.

10/15/2024

Ghosting needs to stop. I see this more and more in the work place, it's cruel and unprofessional. Have the courage & decency to let others know you've moved on.

10/11/2024

What if you never sold a home and kept every home you've ever owned?

Chew on that.....

10/09/2024

Mortgage rates as expected have been bobbing. Feds lowering and jobs report improving (I do not believe that) didn't help. But this is usual after the initial adjustment. We did not plan on the bond selling off as much but there's a ton on-going that is driving this. You can see the graph where we were and trending and lost some ground. Seems to be holding. Green is good, red not so much.

More to come... that's for sure.

Please follow me and Mortgage Church to learn more of the market, trending and things your mortgage peep probably ain't telling you!

10/04/2024

Ummmm.... really. So in the jobs report we see a trend that 16-19 yr. olds had an increase of +231k for jobs.

Aren't kids in school or is there some other planet where they're getting FTE for jobs. That will be an interesting twist.

09/23/2024

We're coming around... Market has rebounded a tad as expected. But check out this 2/1 BUYDOWN, one of my awesome Agents is offering. Wanna drop your price but not sure how to incentivize? Here's a great way. The seller offers a $13k (they're paying the $12,154 dollar fee below) credit in this case and covers the buydown. The buyer now gets a start rate of; 3.625/4.625/5.625 (yr. 1/yr. 2/yr. 3) permanent fixed 30 yr. loan. Look how much they save. I'm going to guess the buyer would much rather save, $668 a month yr 1., $344 a month year 2. Huge! They debated lowering the price $20k, saves them a whooping $115 a month, not much.

Reach out so I can not only save your seller the price reduction but we can create a better way to win buyers!

09/17/2024

It's here... it's here.... it's here... the big FED day. As anticipated the market is already selling off and mortgage rates are up a tad, expected. But here's some great insight into the workings of mortgage and how the Feds while do NOT control mortgage rates they do control some rates and what we pay in other areas (Mortgage is blue/red, Feds are the gray dudes).

Inflation after about 3.6 yrs is finally cooling and hopefully we can get some relief across the board with COLA (costs of living). You can see in the graph we started to increase so much we were hitting the late 80's/90's range and that is not good. We are in the worst housing market in over 30 years and I think we've all had enough. Onto better times!

https://www.nar.realtor/blogs/economists-outlook/the-upcoming-rate-cut-5-things-homebuyers-should-consider

09/13/2024

Who wants fire? You do!!! Rates are on fire. Just quoted this offer for a 2.1 buydown purchase. Rates, subject to qualifying; credit, income, down payment, etc. and lending parameters. We have all loans, for the most part in the 5's.

Yep... 3.6/4.6/5.6 Let's go AMERICA!!! I am over this!

09/11/2024

For those waiting for the big RATE showdown here's more proof. If the Feds (which will probably happen) lower rates next week, the inverse will more than likely make mortgage rates unaffected. Remember, mortgage rates do NOT run off the Feds slate.

09/04/2024

Wanna start investing but not sure how? Waiting for that huge down payment or perfect credit to buy? Did you know you can purchase a 2 Unit property (you need to live in one side) with only 5% down. Did you know I hear and see tons of First Time Home Buyers not knowing the in's/out's of investing.

Here's a plan. Buy a 2 unit duplex 5% min down payment, get in the property as cheap as possible. Use the other 1/2 of the unit to cover the mortgage or at least a large portion's payment. The following year do the same thing, rent now covers both sides-payments, and continue.

I have a 23 yr old client that has a 633 score and while he wants his dream home @ 23 and is waiting just learned how to become not only wealthy but invest in home equity positioning. Rinse, reload, repeat. I know you want your dream home but sometimes we can focus on a cheap home then some day get that dream home.

These are just a few of the perks of working with us. We teach investing, growth, money management, wealth building and so much more than just getting house keys.

Please reach out so we can discuss. Rates are on fire and so should your investment strategy!

08/28/2024

Hey all, here's a quick explanation of Interest rates, where they come from, and how they work. This is super important since you'll hear me say 1,000 times, "WE DO NOT BORROW FROM THE FEDS."

If I had $100 every time someone told me, "We're waiting for the Feds to drop rates and buy or refi." I would not be sitting here typing this loan boring update.

There's basically 3 components and the Fed only controls two.

Please do not think, "Well, Feds drop rates a 500 that means mortgages could go from 5.875-5.375 ex.," nope!! Wrong dude and borrowing mechanism. They usually go up since the stock market rallies and bonds sell off. So if you were quoted a rate @ 5.875% ex. and bonds sell off after Feds lowers we could see the opposite and go up normally. Bigger Pic is rates are on fire. We moved almost 2% since July 25th and into 2022.

Please reach out for more info. or if anyone is trying to Purchase, Refi, or needs a HELOC for emergencies/home improvement.

Address

7950 Legacy Drive #400
Plano, TX
75024

Telephone

+12144923502

Website

http://www.stonehousemortgages.com/stephen-prescott, https://www.sml.texas.gov/, https://www.nmlsconsumeraccess.org/

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