Put your mortgage in Reverse!

Put your mortgage in reverse if you are 62 or older and you can forget about mortgage payments for as long as you live in your home! The caveats being: 1) you continue to pay your homeowners insurance, your property taxes and (if you live in a community with a homeowners association) any HOA dues. 2) and, most importantly, you have a lot of equity in your current home. This FHA Reverse Mortgage product can help you stay in your home if your income is stagnant or declining. If you meet the requirements, or simply want to know more, than call me, Michael Mitchell at 707-337-5970 mobile or 530-406-2200 & 707-259-1117 land lines!
Don’t forget that Mitchell Mortgage also handles conventional and VA mortgages as well, so don’t hesitate to call for those products as well! Let’s make 2025 a great year for you by putting your mortgage in reverse!

Spooky Rates!

Spooky rates…that is, spooky mortgage rates, remain frustratingly high ever since the Fed lowered short term rates by 1/2 point! In trying to figure out why, it appears, at least to me, that large bond investors are fearful of making big decisions and scared to commit to a plan until after the coming election! So expect the spooky rates to continue until after November 5th. They don’t want to find themselves haunted by betting on the wrong candidate to win! That’s my ghostly prediction for the next few days…don’t let it scare you! We can calm your nerves when you call for your prequalification today! Just dial 707-337-5970 mobile or 530-406-2200 or 707-259-1117 land lines. Mitchell Mortgage has programs for Fannie Mae, Freddie Mac, FHA, VA, Reverse Mortgages, hard money and more!  We are the treat, not the trick!  Happy Halloween! Image by Freepic

Stocks or Bonds battle could be good news for you!

The current winner of the stocks or bonds investment strategy goes to ——- Stocks! Know how to tell? Long term mortgage rates have gone up, not down, ever since the Fed lowered the borrowing rate by 1/2 point! If the situation was reversed, the bond yield would be lower, which puts pressure to purchase mortgage backed securities, which, then, lowers long term mortgage rates. Right now, large investors feel they can make more money in the stock market than by purchasing a 10 year treasury bond. Until this reverses, or until it at least evens out, then look for current mortgage rates to stay in the malaise they currently occupy! This does open the door for anyone willing to purchase a home right now, because they will face less competition for that dream home. As soon as rates start to fall, you will have competition for that same home, and a bidding war usually drives up the price! If you would like to get pre-qualified now and you don’t care about the stocks or bond yields, then call me at 707-337-5970 mobile or 530-406-2200 and 707-259-1117 land lines! Mitchell Mortgage handles Fannie Mae, Freddie Mac, FHA, VA, Reverse Mortgages and Hard money too! Talk to you soon!

If Fed drops rate and mortgage rates don’t drop…did it happen?

In a rates update from last week, I promised to keep you abreast on when the mortgage rates dropped as well.  This is that update…nothing has changed and if there’s been any movement at all, it has been slightly up, meaning you are paying more to borrow on your mortgage…not less!  How can this be?  Go back to my comments about what really moves the mortgage rates…large investors buying U.S. T-bills and usually in unison, Mortgage Backed Securities.  That is not happening and therefore, we are stuck in “Groundhog Day” (a salute to the Bill Murray film) with the same mortgage interest rates day after day.  So here is the most likely cure…I will not predict when this will happen, and most likely, the mortgage rates will soon come down to an expected quarter to three-eighths correction!  As promised, when and if that happens…I will be right back here to encourage you to call Michael Mitchell, Mitchell Mortgage at 707-337-5970 mobile, 530-406-2200 & 707-259-1117 landlines, and find out how I can get you in your next home loan!  Talk to you soon!

Rate Drop Could Be Good News For You!

There was rate movement finally and the Fed just dropped by .50%! Although it could affect long term rates immediately, so far we have only seen lenders sending out emails, such as this blog entry, stating the same headline! We will see, probably later today or sometime tomorrow how bond buyers feel about this latest rate movement. For it is buyers of U.S. Treasurys bonds and at the same time, Mortgage backed securities that will determine how low home lending rates will be. We will monitor this and let you know as soon as a direction is established…but for now, let’s celebrate what we all though should have happened quite some time ago…Rate movement in the right direction! If you would like to discuss now, then call Michael Mitchell at Mitchell Mortgage, 707-337-5970 mobile and 530-406-2200 or 707-259-1117 land lines! Talk to you soon!

Let’s get a Backup Your Income Plan!

Backup your income? With a Reverse Mortgage? You bet! The caveat is you must be 62 or older, but for those that are, and have a lot of equity in their home, this kind of financing might just be what you are looking for to supplement your income and have no mortgage payment! Federal regulations prevent us from going into much detail so we are speaking in general terms here, but the fact remains, a Reverse Mortgage can tap into your home equity, backup your income and even if you use up all the equity in the home, you still can stay in the home and not have a payment for as long as you remain in the home. Backing up your income with a Reverse Mortgage could be the answer to staying in your home! Not everyone will qualify, but if this interests you, give a call to Michael Mitchell at Mitchell Mortgage where we can answer all your questions! Evening and weekends are not a problem if you call the mobile line at 707-337-5970! You can also use 530-406-2200 or 707-259-1117 land lines!

The Here and Now, is Here!

The rate is the rate is the rate!

Let’s face it.  To most people the future would be nice to think about, but the reality is, you still have to deal with the Here and Now!  Take mortgage interest rates for instance…Please! (a salute to Henny Youngman)  If you are in a situation where you have to buy a home now, then you will have to work with current rates, no matter what they are.  Lucky for you, there is an upside to that.  Because when rates are higher than you would prefer, that means they are higher for everyone else as well.  Those potential buyers that don’t have to purchase now make you a hot commodity.  You might be lucky enough to be the only bidder on a home that hasn’t had offers for months.  That’s negotiating power!  Now when you buy that home at current rates, then if the rates go down, you can refinance, but if they go up, you received the lowest rate possible at your purchase close of escrow!  Same thing for refinancers.  If you just can’t wait to take some cash out to upgrade your home now, then use the mindset of the purchaser in the before mentioned scenario.  In your case, you had to make the changes, your home is now worth more, and if rates come down, you can refinance to the lower payments for the long term!  If the Here and Now is affecting you in the above situations, call Mitchell Mortgage today!  Michael Mitchell will guide you through your next real estate transaction with speed and honesty!  Call 530-406-2200 or 707-259-1117 land lines or even better, 707-337-5970 Mobile!  Don’t forget the Mitchell Mortgage handles not only conforming loans, but “Reverse Mortgages” for those 62 and over, and also FHA, VA mortgages!  Let’s talk soon!

Any effect on Markets in the Aftermath?

The Aftermath of the assassination attempt on Former President Trump, as expected, has caused a plethora of emotions affecting both public and business responses.  Before we go any further, just so you know, the Mitchell Mortgage response is, let’s all please lower the temperature on “did not, did too” rhetoric, and deal strictly with the facts moving forward.  We believe, to some extent, that has already happened, so fingers crossed…let’s hope that becomes ‘the norm”!  Ok, back to the business side – interest rates have slightly moved down in the last few days.  Federal Reserve Chairman, Jerome Powell, has hinted that interest rates may indeed see some relief before year end.  We have been expecting this, but as we have said many times, we thought it would have happened by now!  Some on Wall Street see as many as two rate drops before the end of the year…others are skeptical.  We are in the first camp!  To wrap this up, The Aftermath finds little change in overall market conditions.  Stay tuned as the number of days get shorter until the election.  For daily updates, give Michael Mitchell a call at 530-406-2200, 707-259-1117 or the mobile at 707-337-5970!  Remember that Mitchell Mortgage covers “Reverse” mortgages, as well as conforming conventional, non-conforming, FHA, VA, hard money and more! 

Maybe yes, maybe no!

Most economic pundits are saying there is a housing shortage…but is there really? Yes and no! Florida and Texas have been building homes rapidly since the beginning of Covid. That was to accommodate all the transfers from mostly blue states, like California and New York. They might have overbuilt, as home prices are starting to see some relief in those states. But the Northeast and the Midwest are still underbuilt for the amount of people that need housing in those areas, so expect home prices to stay steady to rising in those parts of the country. Here in California, we have lost a lot of our population and state tax money with it, but they don’t call it the Golden State for nothin”! We have too many natural resources and great weather to ever have too much exodus. As interest rates come down, more builders will build and homes will become more affordable. I would look for interest rates to start moving down this year as the pendulum towards high rates has just about maxed out. So when you are ready to make that purchase or refinance in California, first make a call to me, Michael Mitchell at 530-406-2200, 707-259-1117 or my cell at 707-337-5972! Don’t forget that we handle Reverse Mortgages (for those over the age of 62) as well as conforming and non-conforming transactions.  We will get you pre-approved to make that purchase, or a refinance if you need cash out or are just trying to get rid of mortgage insurance! Talk to you soon!