The Mortgage Minute, 12.20.2024
Gregory Williams
Publisher of "The Mortgage Minute" newsletter assisting Doctors, CPAs, Lawyers, First Time Home Buyers, High Net Worth Clients and a myriad of other professions. We offer CONV/FHA/VA/USDA/JUMBO/CTP across the Southeast.
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"Greg really made such an effort to be communicative. That made all the difference in the process. Made it very easy to know what was needed when and how to get it done..”—Cal S, closed December 2024
The Federal Reserve lowered their rate and mortgage rates went, up?? What gives?
Mortgages follow bonds, not bank rates
The Federal Reserve controls the rates at which banks loan money to each other overnight. But mortgages have a much longer lifespan, and as a result they most closely track 10-year U.S. Treasury notes – debt issued by the U.S. government and traded by investors in the bond market.? The mortgage backed security market has been worried about increasing debt levels resulting from reckless fiscal spending policies from the US government and long term rates have trended higher.?
The average 30 year fixed rate climbed back above the 7% benchmark, causing frustration amongst buyers looking for some rate relief.
Mortgage Tip:
Q.? I want to buy an investment property, how much do I need for down payment?
A.? At least 15% for a standard conventional loan.? 25% down will improve your interest rate significantly and lower the amount of points paid.
Investment property interest rates are about 1% higher as compared to owner occupied properties and there may be fees called "points" if you put less than 25% down.
There are some other products specifically designed for investors like the DSCR loan, or Debt Service Coverage Ratio program that allows a buyer to qualify for a mortgage based on the projected rental revenue and not on their own debt to income ratio.? We’re happy to get a conversation going so you can accomplish your real estate goals in 2025!?
First Horizon’s unique “In House” grants are back for 2025!
First Horizon offers one of the most expansive down payment assistance programs in the industry and we’re working hard to spread the news across our communities.? New conventional grants have been announced by Fannie Mae/Freddie Mac and can be combined with our own “in house” grant program.? Realtors, if you’re interested in placing a sign at your listings, please contact us for delivery ?? .
Pro tip, our expanded Home Possible program offers below market interest rates for eligible clients.? Rates for purchase loans are typically lower than refinance rates and lower than the average 30 year fixed rates you’ll see reported by the business news channels.?
领英推荐
Sample Social Media Post for Realtors
"Teacher friends, one of my favorite local lenders is offering $9k grants to eligible educators and other employees of the school system! You can use this for down payment and closing costs. I'd be happy to get your home search process going today and connect you with the lending team!"
You can use our unique products and ENHANCED grants to market to market your listings.? If you’ve got listings in low or moderate income census tracts, most potential buyers would be eligible for at least $8k in grant funds which can be used to pay closing costs.? First Responders, including teachers and other employees in the education system can obtain a $9k grant.? Our Home Start program works in conjunction with the grants and offers up to 100% financing with no PMI!? We’re happy to help determine the census tract for your listing, just give us a call and we’ll walk you through the process ??
We’re always looking for opportunities to engage with our communities, let us know if we can sponsor your group for a future event.?
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Let’s sell some homes!
Have a great week!
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Greg Williams
AVP/Senior Mortgage Banker
404-457-4143 cell |?
2987 Clairmont Road, Ste 150
Atlanta, GA 30329
NMLS# 151412
Equal Housing Lender
We do Business in Accordance with Federal Fair Lending Laws
UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:
Deny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling; or
Discriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.