Don’t forget to pre-qualify before you talk to your realtor! Realtors want to make sure they are working with a buyer in the correct price range. If you don’t have a pre-qualify letter, they will want you to get one before you shop for new homes. Call Michael Mitchell today and I will get you that letter today! 530-406-2200, 707-259-1117 or 707-337-5970 Cell!
Tip on Buying Your Dream Home
If you have found that dream home, make an offer now! When rates have risen, like they have recently, it takes a lot of your competition for that perfect home out of the picture. So in a lot of cases, you will be the only one negotiating with the seller! That is a lot better than having five other potential buyers bidding for your dream house! If rates go down, after you have claimed your new home, then you can refinance. If rates go up, you can be satisfied that you received the lowest rate when you purchased your home. So go for it! Claim that dream home today! Your realtor will still want to see that you are pre-qualified to buy that home, so call Michael Mitchell at 530-406-2200, 707-259-1117 or 707-337-5970 cell, mornings evenings, after hours and weekends!
Buy downs Helocs Etc.
The Federal Reserve is on a mission to curb inflation. To do that, they have been raising short term interest rates. This in turn puts pressure on long term rates to go up…which they have. So how to combat this in a world where most homeowners have current interest rates in the 4% arena and a good share have less then 3%? Well lenders are coming up with programs to try and help get buyers into homes, and refinance prospects who need options other than getting rid of their wonderful current low rate, even if they need cash out. For buyers this could mean Two-One Buydown. This means you would start with an interest rate, two percentage points less than the current market rate for the first year of the loan. Year two would be one percent below the rate when you received the initial loan, and years 3 though 30 would be at whatever current rates was when you received the initial loan. The thinking is, while you receive payment relief the first couple of years, if rates go down, you could refinance into a lower rate for the total length of the new loan. For cash out refinance borrowers who don’t want to give up their current low rate but need some money now, Home Equity Lines of Credit (Heloc, usually adjustable rate) are becoming popular as well as straight second mortgages ( fixed rate term and must take all the money at one time). For explanation of these options, give Michael Mitchell a call at 530-406-2200, 707-259-1117 or 707-337-5970 cell!
So you know!
Rates started a little higher today, but if you have 20% down, your conforming 30 year fixed interest rate would be 5.99% at zero points today. Your APR will be higher depending on your loan amount. For more scenarios please give Michael Mitchell a call at 530-406-2200, 707-259-1117 or 707-337-5970 cell!
Conforming loan limit now $715,000!
A couple (not all) lenders have estimated what the new conforming loan limits for 2023 will be, and are jumping the gun on offering them to the public! Mitchell Mortgage can get you the new conforming limit right now! It is $715,000.00! Call now to see if this helps your current needs for financing, Michael Mitchell 530-406-2200 or 707-259-1117 or 707-337-5970 cell.
No Impounds Means Less Cash To Close!
This is great for buyers, their real estate agents and borrowers who are refinancing their home when their loan to value is higher than 80%. You can have a loan to value on a conventional loan and VA up to 95% loan to value and still not be forced to have impounds for taxes and insurance! Use that money for reserves, or fix up your new home! Call Michael Mitchell today to discuss how this option can help you! 530-406-2200, 707-259-1117 or 707-337-5970 mobile
Spring into a new home!
It is almost Spring! The blossoms are blossoming, the bees are buzzing, and it is the perfect time to purchase a new home! The Real Estate Professionals I speak with on a daily basis are saying don’t wait to make that offer…be the first one in without competition! If you wait until all the other buyers come to the table, you might find yourself in a bidding war! Save some money and make that offer today! Oh yeah, better call Michael and Mitchell Mortgage to get pre-approved so the process goes smooth! 707-259-1117, 530-406-2200 or 707-337-5970 mobile!
Word to the wise!
Attention sellers! In the current market you don’t have to compete against numerous other sellers…this is a great time to list! Attention buyers! In the current market, you don’t have to compete with ten other buyers for the same home! So if you are thinking of selling your home, or buying a home…NOW is a GREAT time! Of course you sellers will want your buyers to be pre-approved with Mitchell Mortgage, and buyers, Mitchell Mortgage should be your first stop to find out how much you qualify for! Call Michael Mitchell today at 707-259-1117, 530-406-2200 or cell at 707-337-5970!
Happy Valentines Day!
Good time to buy that special someone a new house! What better way to say “Be my Valentine”! You may think I’m kidding, but just check out the rates on loan amounts lower than $484,350.00…in the low 4’s…and if you want to borrow all the way up to $726,525.00, then your interest rate will be in the mid 4’s! This is for primary residence purchase loans with 20% down, but cashout refi’s are low too. Give Michael Mitchell a call at 707-259-1117, 530-406-2200 or cell at 707-337-5970! Your Valentine will be glad you did!
Turmoil can work in your favor!
Turmoil is usually a bad thing, but when it is national and international, that usually works in the favor of lower interest rates. The reason? Financial markets love consistency…they hate the unknown…and turmoil makes them anxious. So what happens is large investors make the flight to quality and safety. That means they buy long term bonds, which lowers mortgage rates. For how long is anybody’s guess, but if you are thinking of locking a loan…now is probably a good time! If you need help with the purchase of real estate or a refinance of property you own, call today! 707-259-1117, 530-406-2200 or 707-337-5970 Cell!
