The Mortgage Minute, Halloween 2024 Edition

The Mortgage Minute Halloween 2024

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It’s spooky season and the sudden, unexpected rise in mortgage rates (average 30 year fixed rate back over 7%) has “scared” off some refinance opportunities.? But don’t despair, a key inflation metric has shown its best reading in more than 3.5 years which should encourage the Federal Reserve to continue moving the Federal Funds rate to more “neutral” territory after a years long campaign of increases designed to stave off record high inflation in the United States.?

The latest reading from the Personal Consumption Expenditures (PCE) index showed inflation rose 2.1% during the month of September, compared with 2.3% in August — within shouting distance of the Fed’s 2% goal.

The expected “refinance boom” has been put on hold, albeit temporarily.? This pause gives homeowners time to get their credit scores in optimal shape and make any necessary aesthetic home improvements prior to getting an appraisal.

Generally speaking, a refinance is far simpler than a purchase, namely due to skipping the “down payment sourcing” headache, which is the most likely pain point during the underwriting process of a home purchase.? If you’ve got decent equity, it’s possible we won’t need an appraisal.? For FHA/VA loans, we can engage a “streamline” refinance, which also wouldn’t require an appraisal.

So how do you get the refinance process going?

We can provide accurate refinance quotes without unnecessarily pulling your credit.? You’ll need the following:

1. Copy of most recent mortgage statement so we can get an accurate payoff balance
2. Estimated credit score
3. Complete the Opt Out process outlined below (this will prevent you from being bombarded by numerous bad actors in the “lead generation” world):

A.? OPT OUT First Horizon does not sell your information to solicitors, but the credit bureaus often do. ?It’s easy to opt out! ?Opting out should stop trigger leads and pre-screened offers. ?This process can take a few days (up to 5 business days), so if your credit report has already been pulled – this may not block offers immediately.

You can opt out of pre-screened offers for 5 years (or permanently) on the web or by phone.

• On the Web: https://www.optoutprescreen.com/?Opt Out Pre-Screen is a joint venture among the three national credit bureaus to allow consumers to control pre-screened offers.
• By Phone:?888-5-OPT-OUT

Add your number to the Do Not Call List! Trigger leads are supposed to be scrubbed against the National Do Not Call list. ?You can add your name to the list by phone or on the web. ? On the Web:?www.donotcall.gov ? By Phone: 888-382-1222

We’re not stifling competition, merely trying to prevent you from facing a barrage of telemarketing calls, texts, emails, smoke signals, and any other disruptive tactic online marketers can devise.

Let’s get your refinance quoted today!

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Greg Williams

AVP/Senior Mortgage Banker

404-457-4143 cell |?

2987 Clairmont Road, Ste 150

Atlanta, GA 30329

NMLS# 151412

https://www.firsthorizon.com/mortgage/greg-williams

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.