Ken and Danielle have been Mortgage Lenders in Northern KY for more than 25 years. Their knowledge in navigating market swings is solid advice you can depend on. Check out this social post that Danielle made in June on her social media site. Then listen in to this video to hear what Danielle has to say about today’s market.
Facebook Post from June 14, 2022
Yesterday was one of the five worst days for mortgage rates in the past twenty years. At one point, Mortgage-Backed Securities were down more than 160 basis points.
What does that mean? That means if you were quoted a 5.5% on Friday on a $300,000 loan, today, the same rate would have cost you nearly $5,000.
And what if you did not want to pay that extra five grand? Well, you could just take a higher interest rate…how much higher? More than half a point in some instances.
That is right, your 5.5% on Friday is now 6% or higher.
This is very abnormal and unprecedented, but I promise you your loan officer is not lying.
If you were pre-approved a few weeks ago, make sure you reach out to your loan officer again. You may not qualify for as much as you qualified back in May.
The good news is real estate is still the safest and best asset you can buy and will always be. If you are looking to buy, please make sure you hire the correct team. It is more crucial than ever to work with the best loan officers and realtors in your market. Do your homework on who you hire.
Now is the time to purchase a home. Rates will go down eventually due to the foreseen recession. When this happens, we can look at refinancing you at a lower rate and payment.
Mortgage Lender Northern Kentucky
Getting a mortgage loan can be overwhelming, but it doesn’t have to be. Prost Mortgage Group is a mortgage lender helping you make informed and confident decisions when securing a mortgage loan. Whether you’re an aspiring homeowner needing a mortgage loan or an existing homeowner thinking about refinancing, our team is happy to help you.