Mark Smith - Legacy Mutual Mortgage Austin NMLS# 295910

06/18/2024

Wanting to be part of a spectacular team but not sure where to start? A rewarding career at Legacy Mutual Mortgage is waiting for you. With the average closings per loan officer being almost four times the national average, you’ll be working alongside a winning team. Don’t wait any longer to pursue your dreams with Legacy Mutual Mortgage! www.legacymutual.com/buildalegacy

https://www.youtube.com/shorts/Spcmr8LwoZ8

Wanting to be part of a spectacular team but not sure where to start? A rewarding career at Legacy Mutual Mortgage is waiting for you. With the average closi...

06/12/2024

We at Legacy Mutual Mortgage believe in unification and uniformity across all systems. We focus on combining best practices for the best way to win. We are in pursuit of the perfect process, being done by salespeople for salespeople. Want to build your Legacy? Leave your contact info at www.legacymutual.com/buildalegacy

https://youtube.com/shorts/0bVQhTEHrbA?feature=share

03/16/2024

PSA 🗣️ for Austin Realtors, I understand for some of you mid July 2024 could be a little scary with the commission changes.

Mortgage lending went through a seismic shift in 2020…and the world as we knew it…changed. Real Estate is going seeing the same thing. 14 years ago, Dodd Frank was passed.

What did I do? I adapted and changed and controlled what I could and grew.

Below ⬇️ should be your war cry.

CONTROL THE CONTROLLABLES and GROW!!!

Everything else will work out..you are valued, your service matters, and you are cared for.

Me as your lender…what’s my job?

This is what great loan officers will do for you to continue to help you grow. 👀 👇🏼

1. I personally vow to give you every sales tactic I can to help you sustain and grow. (I am friends with many of the top realtors in the country and they won’t be fazed)

2. I will help you if you let me continue to understand your $ and how to invest it and save it so it grows for you.

3. I will host masterminds with top realtors around the country to pour into you to help you grow your business on my dime.

4. I will continue to protect your reputation by making sure your deals close smoothly with no surprises and with fantastic communication!

5. I also will make sure that every lead you give us we will do all we can to turn it into a paycheck for you at some point in time. Your lender’s FOLLOW UP PROCESS Matters! Mine is awesome.

It’s time to work with a lender who has your best interests in mind and can do the above things for you. I hear you and I will support you. 🙏🏼

Will there be changes? Yes. Welcome to Real Estate.

Control the controllables and grow.

02/08/2024

The Spring Break Hangover

I only enjoyed ONE real Spring Break during my college years. A couple of my high-school best friends and I flew to Florida and went to Daytona Beach...
..while fun and a cool experience, I spent some money I didn't need to spend because I waited until the last minute to buy plane tickets and get a room reservation.

Why is this important?

Well - Spring Break is traditionally the line in the sand that defines "Winter" versus "Spring/Summer" when people are looking at buying homes. Don't let Spring Break become that time that "everything becomes more expensive" because you waited.

We have a series of things that are going to make that problematic if people wait:

1. Rates are lower. Generally, rates are about .5% lower coming into this year than they averaged last year. Those who wanted to wait until rates dropped - have gotten their wish (at least part of it).

2. We're past the holidays. Most people don't want to buy during the holidays - it's hard. Lack of inventory - they've got their own things going on. They want to wait until the stress of the holidays is past.

3. We're entering the spring-buying season.
If that isn't enough - then let's add an expected Fed move to drop short-term interest rates by .25%. If that happens in March or April - it's going to be game on - and the floodgates are going open.

FNMA's homebuyer sentiment survey came out - and 83% of prospective homebuyers think now is not the right time to buy because rates are too high.

So - if people follow the herd - when rates drop - everyone will flood the market because of the lower rates, and the time of year - and home prices can only go up as a result.

Be a contrarian.

Don't wait until the last minute.

12/28/2023

And, with that - 2023 is done...

In 2023, I helped 111 families add new chapters to their lives. First homes. New Homes. Bigger Homes. Smaller homes.

The key to wealth in this world is Real Estate. Period.

You've gotta have your 401(k). You've gotta have your separate investment accounts. You've gotta have cash you can dip into in an emergency. All those are critical...

But, if you don't own a home...you're rowing a boat with one oar. You're hanging wallpaper with one hand.

I love my team. I love my company. I love my clients. I love my referral peeps! I want to help everyone make better choices...and understand that owning a home is not only a wonderful way to live but a wonderful way to invest as well.

Continue following me on TikTok (), Instagram (), Facebook (Mark D. Smith and Mark Smith Mortgage), Threads () and YouTube.

Here's to 2024!!!

Cheers!

12/21/2023

Will Santa bring us lower rates?

I think so. The worst is behind us - and now I am hoping to see a *slow* creep of rates downward over the next several months. Hopefully not crazy drops (that would be too disruptive to the market) - but some nice, smooth decreases over the next three to four months.

Merry Christmas to everyone!

And remember - if anyone tells you that Die Hard is NOT a Christmas movie - please de-friend them. You don't need that kind of negativity and insanity in your life...​

Holiday Cheers!

11/16/2023

Are we there yet?

If you've ever driven anywhere far with a kid (or, you were a kid, driven somewhere far away) - you probably remember hearing those immortal words...

Are we there yet?

​Really? We literally JUST left the house...

I think we've been having to deal with that for the last year and a half. As mortgage rates have drifted higher and higher because of the Fed...we've seen an affordability challenge the likes of which we've never seen (and no - we won't have a crash - it's impossible with the level of inventory we have).

Are we there yet? (Not yet, kiddo - we're not even halfway there).

When are rates going to decrease? Well, remember that the Fed doesn't need to start decreasing short-term rates to see mortgage rates decrease - because mortgage rates anticipate what the Fed is planning to do.

Are we there yet? (No - let me finish my story).

Rates spiked a month ago (and shocked the market, and drove a lot of buyers away) because the Fed said, "Higher for Longer". Meaning, "We won't be dropping them anytime soon, and we might go higher". So, the market reacted accordingly.

ARE WE THERE YET? I've got to go pe**ee! (Dude - you're gonna have to hold it for just a little while longer).

Well - now, we've seen the Fed both take a pause (and not give any ugly language that spooks the market) - and that made mortgage rates start moving down - because now they're anticipating no more increases - when before, they'd been anticipating more increases. So, mortgage rates started to drop...

And then -

DAD! ARE WE THERE YET! Gregg's on my side of the seat! (Okay kids, so help me, I WILL turn this car around if you don't start to behave!)

Okay - where was I? That's right - then, we saw the CPI come in this week at a nice, tame number. The decrease in inflation was LESS than we thought it might be, but it wasn't higher...and that meant that the Fed's not going to zero in on it as a reason to continue their "higher for longer stance"

(Kids - check it out - we just turned onto the street where Grandma and Grandpa live!) YAYYYY!!!
​
So - what does this portend? Well - I anticipate that mortgage rates will stay static for a bit but then start drifting down if the Fed gives us some tame language for the next several Fed meetings - and we might even see rates back down below the 7.0% mark.

BUT - remember - the lower the rates - the more people are going to be willing to buy...which increases competition, which means prices go up. I can help you navigate around what to do and when to do it. I can explain to anyone why it makes a lot of sense or why it might not be the ideal time.

Alright kids...we're here! Now, can you please help me unload the...(kids scamper into Grandma and Grandpa's house)
..car? Dammit, kids...

11/10/2023

I'm a Capitalist.​

It's 1979.

My twin brother and I are in Albuquerque. We're nine years old and in the 4th grade. Mom's divorced, going to law school at UNM, not working...and we're living off of her child support and student loans (any single moms out there? I salute you...Like, really, truly, salute you. You're f***ing awesome).

As a 4th grader, we didn't recognize our condition - we ate, we went to school. We played outside, or inside. If a friend had an Atari (which our 4th grade best friend Ross Deuel had) - you would find us playing it at their house.

Really - we wanted for nothing...but that's because we had everything we needed. ​

I'm not sure what triggered it - but Mom, I think, trying to get us out of the house to do something, got us to commit to walking around the neighborhood with rakes and trash bags, and knock on the doors of homes and, when the homeowner answered the door, ask them if they wanted us to rake their leaves for a soon-to-be negotiated amount.

Now - it wasn't much...but, Mom wanted us to learn the value of money AND also wanted us to learn OUR own value.

So - she said, "Whatever you make - I'll match."

Deal.

And, over the course of the weekend - my brother and I (again 9 years old, 4th grade) - made nearly $300.00...

Did I mention that Mom was poorer than a church mouse? Not sure how she did it looking back at it - but she matched our earnings.

Capitalism is good. Within Capitalism is one of the best meritocracies to exist - where people get rewarded for hard work. Earlier today, I finished putting a loan together for a client today who is buying a new home. She currently owns a home, but she needs to downsize because she's got two kids who have left the nest. She'll keep the current home as a rental, and buy the new one as a primary residence.

She's also a political asylee from Zimbabwe - and has been here for 16 years (which, unfortunately, speaks volumes about our broken immigration system). She's made a life for herself. She also works (not kidding) THREE jobs. THREE full-time jobs. And she makes a ton of money as a result. She has a Porsche...and I love her for it. All of it.

Capitalism.

What does Capitalism, leaves, and rates have in common? Well - I started thinking about the rates...falling like leaves. But, then that reminded me of raking leaves when I was in the 4th grade, and how it made me value a dollar and value my worth...and then that made me think about capitalism and the fact that we live in the greatest country in the world.

When someone is willing to work 3 jobs to make their way in life...or give money that they don't have to their kids to encourage them to understand the value of a dollar and their worth...then, that, truly, is the definition of capitalism and why I love living in the greatest country on the planet.

Buy a home. If you can afford it - buy a home. Thank me later.

10/26/2023

Hug your favorite Pumpkin in life...

I was nine when my mother (fresh off a divorce) moved me and my twin brother from Ogden, Utah to Albuquerque, NM. She needed a fresh start - and she was hell-bent on making sure she was able to live the life that she wanted.

She bought our first home that we had in Albuquerque at 1919 La Veta NE.

She was also a single mom. Rates at the time were 12.9%.

​12.9%! Almost 13%!

She could have rented. She didn't. She wanted to own a home...because she didn't want to move us anymore (we'd moved four times in two years prior to that).

So, a single mom, raising two twin boys, bought a home at 12.9%. Do you think that scared her? It probably did.

And, she made it work. We lived there for several years until she sold that home and we moved into the next home in 1986 (rates were better - just under 10%).

I know that, financially, we were better off because she owned a home. I know that she created stability for us. We were neighborhood latchkey kids who walked through good neighborhoods going to and from school, riding our banana-seat bikes (with red sparkly vinyl seats...hey, it was a thing back then) everywhere. And, she left the door unlocked. All the freakin' time. It was a different world.

It was a great home to grow up in...and I'm sure that's what she wanted to have happen.

Rates are now above 8.0%. I'm sure my mother would say, "Do you know where the rates were when I bought my first home on my own? 12.9%!"

Rates aren't forever. Memories are. Your first home price is. Get the right memories knowing that you can refinance the rate. As long as you can AFFORD the home...do it. And, then, be like my Mom, who figured it out.

For now - just brace yourself for rates at 8.0% or higher, and watch my latest TikTok video about why closing costs are what they are.

Oh...waitaminute - you mean you're not following ME on social media?

Okay - let's fix that super quick.
- Tiktok:
- Instagram: .
- Threads: (seeing a trend, here?
- Youtube: .Thelender (someone already had markthelender so I had to add a stupid period to it...
- Facebook: https://www.facebook.com/mark.d.smith.50 (didn't know what I didn't know - so, I wasn't able to get MarkTheLender)...

And hug your best Pumpkin in life....

10/26/2023

10/19/2023

Rates are Gr8!

Yes - 8%. Mortgage News Daily, which is one of the industry publications that tracks rate locks on a daily basis announced that they saw the benchmark 30-year hit 8.0% yesterday.

8%.

Why do people not buy something? Generally - it's because of "fear" - and that fear will show up in a couple of different ways:
1. Fear of making a mistake
2. Fear of overpaying
3. Fear of the future

My job? To help people cut through the fear, and look at things LOGICALLY.

Now - the reality is there:
1. Some people cannot qualify for a home with these rates and these home prices.
2. Some people think they can't afford a home with these rates and these home prices.
3. Some people don't want to buy because of these rates and these price points.

Logic drives #1. Fear tends to drive #2 and #3.

My job is to convert the fear and look at things logically. I do that by helping people understand where they are spending their money and fix their budget by understanding their income and expenses - some required, and a lot not. I'm a master at budgeting and have all the tools (most of which I have designed) to help people invest their money and create wealth.

Rates are Gr8! I mean that, in both ways that you read it.

​Give me a call and let me help you or help people you know.

10/12/2023

In high school, I wasn't popular. Now, I wasn't a pariah - and I knew a lot of the popular people...but, I wasn't in the "in-crowd". I knew a lot of the people in the in-crowd - but I wasn't the guy that everyone saw at the parties, or the games, or had all the cool hangers-on around them at the locker.

Real estate, like most investments, feels to me right now like it's a popularity contest. It used to be the coolest, hippest thing, and everyone wanted Real Estate. Everyone wanted their own slice of the American Dream.

And, Real Estate got super popular as a result (and it's not the first time it's happened).

Now - it's not so popular. Like the popular kid in school - it may have gone a little bit too far being "too cool" and got put in detention.

People don't want to hang out with Real Estate anymore - it's not popular - because people think that rates are too high. Prices are too high. Maybe Real Estate will become more popular when rates drop, and when prices drop.

That is absolutely true. But, just like anything that becomes popular, it becomes more expensive.

When's the best time to buy anything? When it's not popular. When it's not known.

The price of a Bitcoin in 2010 was $07. If you had $500.00 worth of Bitcoin in 2010 - you would have had 7,100 Bitcoins. In 2021 - those 7,100 bitcoins would have been worth over $426,000,000. At one point it wasn't popular, but once it became popular, everyone bought it - and the price skyrocketed.

Real Estate works the same way - it goes through ebbs and flows. Sometimes it's super popular (2004, 2005). Sometimes it's not as popular (2009-2012). Sometimes it's just an average Joe (2012-2019), and sometimes it's super popular again (2020 and 2021). Right now - it's not super popular because of the reasons laid out above.

So - when do you buy it?

Well - when it's not super-popular. This has held true for literally every real investment that exists over time. I'm not talking about the fads like Beanie-Babies, or the Dutch tulip crisis of 1637 - I'm talking about REAL investments. Things that have worth and are tangible (Bitcoin may be the exception, here).

Prices will go up when rates go down. Which impacts the payment more? Prices. Not rates. And, you can refinance the rate.

If you know someone who wants to buy a home but is unsure of the market - I'll talk to them. It's not for everyone, and if someone isn't ready, they're not ready - and I'm okay with that. But, if you are, and you're concerned it's the wrong time...it's not.