Can I still get a home loan in the 2% range in COVID-19 Chaos!!
Hey everybody. Jared Jones coming to you from Orlando, Florida and I have a special guest on, with me today. Jason Cota with fairway mortgage has been with my teams at least as far as being our lending partner and a very important piece and a role that serves our clients with regards to getting their financing needs met. And um, he’s actually, in the last 30 days become a clutch player in that we’ve had deals falling out. We’ve had, you know, credit score changes and other lenders causing loans to be denied and all of a sudden we have to bring Jason in with that. Jason, tell me about yourself. How long have you been in mortgage? And then, so it, tell me if you actually really do like lending and then, um, and then, yeah, tell, tell us about yourself.
Yeah. Thanks for having me. Um, yeah, so I’ve been in mortgages and lending for 15 years now. Came from the Midwest and made my way out to California after college. And that’s when I really got into real estate and financing. Um, you know, one of the things that I love the most about it is, do I like it? Yes. I absolutely love it. Every loan is different. Every borrower is different. They’ve got a different situation. Um, you know, the best part about it is being able to help individual or their family, you know, find that home and get them their keys at the end of the day.
Let me start with this. One of the most common questions I get is, um, you know, I’m considering refinancing my house. Um, my house has been going up in value. There’s some uncertainty in the market. I may want to take some cash out, a lot of focus on the interest rates as of late because they’ve been swinging back and forth. So kind of give me an idea, of where we are now, um, and then give me your best guess at where you kind of see things going, you know, four or five months from now.
Sure, so right now as far as we’re rates are at, we’re almost at historic lows. Um, in the 15 years that I’ve seen this, maybe one, one other time I can think of where we have really rates this low, where we’re, uh, you know, either teetering below 3% or slightly above it. Um, so rates have been great recently. Uh, I think that’s going to continue. You know, Fannie Mae and Freddie Mac and even FHA have come out recently and said that they believe with the economic environment that we’re in to bring, like it typically does when we see a recession or a dip in the market housing, usually the one that leads the way and how we do that in there, they’re going to keep on to push for this is to continue to see rates low. So the projection is to see interest rates hover around or just slightly below the 3% range all the way through 2021, which makes it a great time to buy obviously 80% of Americans, how their wealth is in their homes.
So taking advantage of that wealth, whether it’s to buy another property using the equity that you have in your own currently we’re using it to pay off debt. I mean to be able to wrap in any debts that you have on a high interest revolving level is always cheaper money than becomes a tax deductible for you. and doing the cash out transactions. Uh, recently what we’ve seen with the volatility in the market has been cash out transactions in some of the tightening starting with those types of programs. Um, when the federal government rolled out the cares act allowing companies, or sorry, not companies but individuals to file for a forbearance on their mortgage. One of the programs that they will not insure for the lender are the cash out transactions.
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