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Mortgage Rates are DROPPING. I am a Loan Officer - Any Questions?

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Since I figured some of you must own a home or may be in the market to buy a home, some of you would have questions about purchasing a home or refinancing your existing home loans (I also do Home Equity Lines).

Rates right now a dropping and even though they've already been low for a while, I figured I'd chime in and help my online fam save a little money in the short and/or long term.

I just want to say I am a Loan Officer for a big bank and have been in the Mortgage industry since about 2007.
I'm not soliciting for your business (but I won't turn it away), just want to open the door to conversation on the subject of home ownership and mortgages in general since rates are about to be low everywhere on everything (We can thank the Corona Virus, a failing Stock Market, and an administration that is only concerned about the appearance of a strong economy).

So if you got questions, feel free to ask away. Take advantage while you can. I'm certain there are plenty of you out there with Mortgage Insurance, or high rates, or wanting to just pay the home off sooner. I will answer as best I can to help.

30yr Fix rates should be in the mid-low 3%'s
15yr Fix rates could be in the low 3's to high 2's

and for my bank, we currently have Home Equity Lines starting as low as 2.74% for the first 12 months.

Do you want this in General Chat? Seems more like the spot for this thread.

yes, could you do that.


As a counter balance to this, keep in mind that if you couldn't afford a house payment before, you should be cautious jumping in now. You should have an emergency fund in place of about 3-6 months (or more if your income is varied month-to-month). Not just to cover job loss, but also to cover repairs. When renting your landlord is responsible for those things but its up to you to fix the water heater or replace the stove if something is wrong.

Also, make sure that your mortgage is not more than 25%-35% of your take-home pay, so you avoid becoming house-poor.

As a new home owner, it is an awesome experience, but also time consuming and expensive if you are not prepared. Aside from the down payment, inspections, and closing costs, there were also moving expenses and easily 1-2k in additional purchases we made to fill and maintain the home (lawn mower, some furniture, tools & equipment).

Some information for my fellow NWR forumers that may come in handy.
shamelessly stolen from ResetEra for your benefit

Does it make sense to Refinance?

Understanding the Loan Estimate - know what you're looking at.


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