Changes That Can Impact Your Mortgage


>>WHEN IT COMES TO BUYING A>>WHEN IT COMES TO BUYING A
HOME IT’S IMPORTANT TO KNOW WHAT HOME IT’S IMPORTANT TO KNOW WHAT
TO EXPECT. TO EXPECT.
RYAN STANGER FROM FREEDOM FIRST RYAN STANGER FROM FREEDOM FIRST
IS HERE TODAY TO ANSWER SOME IS HERE TODAY TO ANSWER SOME
MORTGAGE QUESTIONS AND CHANGES MORTGAGE QUESTIONS AND CHANGES
COMING OUR WAY. COMING OUR WAY.
THANK YOU SO MUCH FOR COMING IN. THANK YOU SO MUCH FOR COMING IN.
WELL, WE KNOW MORTGAGES HAVE, WELL, WE KNOW MORTGAGES HAVE,
YOU KNOW, DIFFERENT RATES AND YOU KNOW, DIFFERENT RATES AND
DIFFERENT NUMBERS INVOLVED BUT DIFFERENT NUMBERS INVOLVED BUT
YOU’RE GOING TO EXPLAIN PRIME YOU’RE GOING TO EXPLAIN PRIME
RATE. RATE.
>>YEAH, SO PRIME RATES ARE THE>>YEAH, SO PRIME RATES ARE THE
INTEREST RATES THAT ARE IMPACTED INTEREST RATES THAT ARE IMPACTED
BY OUR SHORT-TERM LOANS SO THIS BY OUR SHORT-TERM LOANS SO THIS
IS NOT MORTGAGE LOANS. IS NOT MORTGAGE LOANS.
THESE ARE YOUR AUTOMOBILE LOANS, THESE ARE YOUR AUTOMOBILE LOANS,
YOUR HOME EQUITY LINES OF YOUR HOME EQUITY LINES OF
CREDIT. CREDIT.
EVEN YOUR CREDIT CARDS, AND WHEN EVEN YOUR CREDIT CARDS, AND WHEN
WE HEAR THE PRIME RATE IS WE HEAR THE PRIME RATE IS
CONTINUING TO RISE, AND IT IS. CONTINUING TO RISE, AND IT IS.
WE’VE SEEN TWO RATE INCREASES WE’VE SEEN TWO RATE INCREASES
THIS YEAR. THIS YEAR.
>>OKAY.>>OKAY.
>>AND SO, YOU KNOW, IF YOU’RE>>AND SO, YOU KNOW, IF YOU’RE
IN A HOME EQUITY LINE, FOR IN A HOME EQUITY LINE, FOR
EXAMPLE, IT MIGHT BE A GOOD IDEA EXAMPLE, IT MIGHT BE A GOOD IDEA
TO TALK TO YOUR LOCAL CREDIT TO TALK TO YOUR LOCAL CREDIT
UNION OR YOUR BANK ABOUT UNION OR YOUR BANK ABOUT
REFINANCING THAT INTO A FIXED REFINANCING THAT INTO A FIXED
INTEREST RATE BEFORE THOSE INTEREST RATE BEFORE THOSE
CONTINUE TO CREEP UP. CONTINUE TO CREEP UP.
>>YEAH, SO HOW IS THAT>>YEAH, SO HOW IS THAT
AFFECTING MORTGAGE SHOPPERS? AFFECTING MORTGAGE SHOPPERS?
>>YEAH, IT’S AFFECTING THEM A>>YEAH, IT’S AFFECTING THEM A
LOT. LOT.
THEY’RE GOING IN AND LOOKING TO THEY’RE GOING IN AND LOOKING TO
MAKE SURE THEY’RE PAYING MAKE SURE THEY’RE PAYING
ATTENTION TO THEIR HOME EQUITY ATTENTION TO THEIR HOME EQUITY
LINES AND THEY’RE SEEING THE LINES AND THEY’RE SEEING THE
INTEREST RATES ON THOSE GO UP INTEREST RATES ON THOSE GO UP
AND ARE STARTING TO LOOK FOR A AND ARE STARTING TO LOOK FOR A
LOW FIXED RATE AND IF YOU HAVE A LOW FIXED RATE AND IF YOU HAVE A
HOME EQUITY LINE OF CREDIT RIGHT HOME EQUITY LINE OF CREDIT RIGHT
NOW, IT WOULD BE A GOOD IDEA TO NOW, IT WOULD BE A GOOD IDEA TO
START LOOKING AT MAYBE START LOOKING AT MAYBE
CONVERTING THAT INTO A FIXED CONVERTING THAT INTO A FIXED
RATE LOAN. RATE LOAN.
>>OKAY.>>OKAY.
SO IT IS INCREASING, RIGHT? SO IT IS INCREASING, RIGHT?
>>YEAH, IT HAS BEEN INCREASING.>>YEAH, IT HAS BEEN INCREASING.
>>WHY DOES THAT HAPPEN?>>WHY DOES THAT HAPPEN?
>>THAT’S A GREAT QUESTION.>>THAT’S A GREAT QUESTION.
THE PRIME RATE ALL LENDERS USE THE PRIME RATE ALL LENDERS USE
TO CREATE SHORT-TERM RATES, IF TO CREATE SHORT-TERM RATES, IF
ANYTHINGED PRICING ON SHORT-TERM ANYTHINGED PRICING ON SHORT-TERM
RATES. RATES.
THE FED IS RAISING INTEREST THE FED IS RAISING INTEREST
RATES AND THE PRIME RATE IS RATES AND THE PRIME RATE IS
CLOSELY TO THE RATE THE FED IS. CLOSELY TO THE RATE THE FED IS.
WHENEVER ARE WHENEVER YOU HEAR WHENEVER ARE WHENEVER YOU HEAR
THE FED IS RAISING RATES WHAT THE FED IS RAISING RATES WHAT
DOES THAT MEAN FOR ME. DOES THAT MEAN FOR ME.
THAT MEANS YOUR SHORT-TERM THAT MEANS YOUR SHORT-TERM
LOANS, THOSE INTEREST RATES ARE LOANS, THOSE INTEREST RATES ARE
INCREASING. INCREASING.
>>OKAY.>>OKAY.
SO IF WE ALREADY HAVE A MORTGAGE SO IF WE ALREADY HAVE A MORTGAGE
IS THIS GOING TO AFFECT US. IS THIS GOING TO AFFECT US.
>>NO, IT SHOULDN’T.>>NO, IT SHOULDN’T.
IT SHOULD NOT AT ALL. IT SHOULD NOT AT ALL.
>>OKAY.>>OKAY.
>>UNLESS YOUR INTEREST RATE IS>>UNLESS YOUR INTEREST RATE IS
VARIABLE AND TIED TO THAT PRIME VARIABLE AND TIED TO THAT PRIME
RATE IF YOU’VE GOT A FIXED RATE IF YOU’VE GOT A FIXED
INTEREST RATE YOU SHOULD BE FINE INTEREST RATE YOU SHOULD BE FINE
BUT IF YOU’VE GOT A SECOND BUT IF YOU’VE GOT A SECOND
MORTGAGE THAT IS A HOME EQUITY MORTGAGE THAT IS A HOME EQUITY
LOAN OR HOME EQUITY LINE OF LOAN OR HOME EQUITY LINE OF
CREDIT, YOU MIGHT WANT TO TALK CREDIT, YOU MIGHT WANT TO TALK
TO YOUR LOCAL BANK OR CREDIT TO YOUR LOCAL BANK OR CREDIT
UNION ABOUT MAKING SURE THAT UNION ABOUT MAKING SURE THAT
YOU’RE OKAY AND PROTECTED THERE YOU’RE OKAY AND PROTECTED THERE
FROM RATE INCREASES THAT WE’RE FROM RATE INCREASES THAT WE’RE
ANTICIPATING GOING TO COME. ANTICIPATING GOING TO COME.
>>SO SOME CONVERSATIONS SHOULD>>SO SOME CONVERSATIONS SHOULD
HAPPENING. HAPPENING.
WHEN SHOULD SOMEBODY RECONSIDER WHEN SHOULD SOMEBODY RECONSIDER
THEIR HOME EQUITY LINE? THEIR HOME EQUITY LINE?
>>WELL, I THINK ANYTIME>>WELL, I THINK ANYTIME
SOMEBODY DOESN’T HAVE A PLAN FOR SOMEBODY DOESN’T HAVE A PLAN FOR
PAYING THAT OFF IN THE NEAR PAYING THAT OFF IN THE NEAR
FUTURE, YOU KNOW, IT DEPENDS FUTURE, YOU KNOW, IT DEPENDS
WHAT YOUR PLAN IS FOR PAYING WHAT YOUR PLAN IS FOR PAYING
THAT OFF, I THINK THAT IT WOULD THAT OFF, I THINK THAT IT WOULD
BE A GOOD TIME TO HAVE A BE A GOOD TIME TO HAVE A
DISCUSSION WITH SOMEBODY. DISCUSSION WITH SOMEBODY.
AND THEN, YOU KNOW, IF YOU AND THEN, YOU KNOW, IF YOU
CAN’T — AND IF YOU’RE SCARED CAN’T — AND IF YOU’RE SCARED
ABOUT NOT BEING ABLE TO HANDLE ABOUT NOT BEING ABLE TO HANDLE
THOSE PAYMENTS, THEN DEFINITELY THOSE PAYMENTS, THEN DEFINITELY
GET IN AND TALK TO YOUR LOCAL GET IN AND TALK TO YOUR LOCAL
CREDIT UNION ABOUT WHAT THEY CAN CREDIT UNION ABOUT WHAT THEY CAN
DO TO HELP. DO TO HELP.
>>AND PEOPLE CAN COME TALK TO>>AND PEOPLE CAN COME TALK TO
FREEDOM FIRST ABOUT ALL THIS. FREEDOM FIRST ABOUT ALL THIS.
AND HAVE YOU ALL KIND OF EXPLAIN AND HAVE YOU ALL KIND OF EXPLAIN
IT. IT.
>>ABSOLUTELY, AND EVERYTHING IS>>ABSOLUTELY, AND EVERYTHING IS
ON A CASE-BY-CASE BASIS WHAT ON A CASE-BY-CASE BASIS WHAT
MAKES SENSE FOR ONE PERSON MIGHT MAKES SENSE FOR ONE PERSON MIGHT
NOT MAKE SENSE FOR ANOTHER. NOT MAKE SENSE FOR ANOTHER.
SO SITTING DOWN AND JUST HAVING SO SITTING DOWN AND JUST HAVING
A CONSULTATION WITH SOMEBODY WHO A CONSULTATION WITH SOMEBODY WHO
KNOWS WHAT THEY’RE TALKING YOU KNOWS WHAT THEY’RE TALKING YOU
ABOUT WITH THE FINANCE STUFF IS ABOUT WITH THE FINANCE STUFF IS
A GREAT IDEA. A GREAT IDEA.
>>SO YOU CAN ABSOLUTELY GET IN>>SO YOU CAN ABSOLUTELY GET IN
TOUCH WITH FREEDOM FIRST. TOUCH WITH FREEDOM FIRST.
THEY HAVE A TON OF BRANCHES TO THEY HAVE A TON OF BRANCHES TO
SERVE ALL OF YOUR NEEDS AND SERVE ALL OF YOUR NEEDS AND
THEY — YOU CAN GIVE THEM A CALL THEY — YOU CAN GIVE THEM A CALL
AT 186636902.

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