Garcia Mortgage Team

GET IN LINE seems to be the sentiment of the day. As rates continue to defy belief, turn times continue to rise. Lenders are overwhelmed by refinance demands and as C-19 fears start to decrease the purchase market is starting to pick up. Once again, we continue to advise all looking for a mortgage (purchase or refinance), to find a knowledgeable professional, working for a reputable lender that can get you to the finish line. Congrats!! you've won the lottery in terms of market timing. Just work on getting your loan locked and closed.

What a roller coaster ride! As a follow up to my last post, I think it's safe to say that predicting rates is an impossibility. I strongly urge everyone with a mortgage to consider upgrading it if you'd like to 1) reduce term, 2) lower rate, 3) eliminate PMI, 4) consolidate debt or if you need cash out. Whether you get the lowest rate ever should not be your goal. Please don't base your refinance decision on winning the rate lottery, you will miss out on this historic low rate environment. Work with a trusted mortgage professional, get your documents in order, lock your rate and close that loan. You have a window of opportunity and ALL lenders are busy so let's get to it!

Sage perspective from the one and only Mr. John O'Leary. http://johnolearyinspires.com/2020/06/whichside/

What do you think rates are going to do? Should we lock? If I only knew! There appears to be less fear about COVID-19 now than in the recent past and markets are recovering globally. So while we can't predict the future we certainly know that mortgage interest rates are rising quickly. If you've been waiting to pull the trigger, now's your chance to lock that rate. Don't let this opportunity pass. Let's get to work!

Mortgage News Daily reports that for the 6th straight week, home purchase applications have risen and they are now up year-over-year despite everything that is going on. A bit of positive news showing an increasing number of folks are moving forward with their home purchase plans despite the uncertainly related to life with and after C-19. Gotta love it! Garcia Properties