Name: 住宅ローン金利が岩のように下がっているが、買い手は何をすべきか？ (Mortgage rates are dropping like a rock, what should buyers do?)
Uploaded: 2021-01-14T09:18:33.000Z
Duration: 22 min 40 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

What we need to be doing in terms of, you know, should we be taking action on the issue?

現在進行形

But we be refinancing, locking in a rate Should we be waiting and just kind of get behind what's causing it all?

Now, this is definitely not or it's definitely a little bit out of my wheelhouse.

So I brought in John Burnham, who is my personal lender.

Kind of my go to guy in these situations.

So we were just talking before we started recording.

By the way, John and folks out there, I don't know what I'm gonna call this video yet.

I'll come up with, like, a clever title, but I just wanna kind of dig into the issue.

So, John, we were just talking about this is one of the craziest day is you've had in a long time, right?

Yes, it is. 00:00:56.390 --> 00:01:4.150  Oh, well, first of all, the stock market has been right around 2000 point loss today. 00:01:4.150 --> 00:01:6.480  Of course, it's Fitz Teeter and and moved around. 00:01:6.480 --> 00:01:8.400  But let's just let's just call it 2000 points. 00:01:8.400 --> 00:01:11.050  About seven or 8% drop today.

What that's done is this really made the bond market act in a strong manner.

So a lot of money coming out of stocks, a lot of money going into Bonds when bonds are being purchased that makes mortgage rates come down.

So we were already at record levels before today, and now we're seeing some numbers up, quite honestly, never seen before in my 19 year career.

Okay, so, yeah, I think a lot of folks have the impression, you know, when they see the Fed lowering rates.

And while there everything is somewhat connected.

But they think when the feds lowering rates, that translates directly into mortgages.

No, it's not all fact that the Fed cutting rates they're cutting the short term rates they're cutting the overnight lending rate, which can also have effect on prime it can have effect on home equity lines of credit, it can have an effect on car loans, shorter term loans, construction, lending things of that nature.

It does actually does not directly impact mortgage rates at all.

However, cutting the short term rates can make the markets react differently.

There's a lot of global things going on that it affected the stock market.

But it can stimulate the economy in many cases when the Fed cuts rates, which could actually make the stock market do well, which could take money out of bonds.

And it can actually cause mortgage rates to go up.

We've still seen more than Drake's come down, even though the Fed cut rates again.

It's just all the different global factors that are happening right now.

Yeah, so I'm watching just briefly, but I'm looking and I'm seeing oil tanking. 00:02:59.440 --> 00:03:4.560  I'm seeing, you know, I'm sure that that's connected to the virus and travel, and it kind of all connects. 00:03:4.560 --> 00:03:15.080  But, you know, for folks who are out there who who are like, you know, one of a couple categories either saying, Gosh, you know, I thought I had a good rate, But should I refinance?

I just I just bought my home last year or something like that and then also the folks who are maybe thinking about buying, but maybe a few months down the road.

You know, let's talk about these different scenarios or people who are under contract trying to figure out when the lock.

You're kind of a dress like How would you play this?

Obviously, you know, neither of us has a crystal ball when it comes to what's coming.

But, you know, talk to me about where rates are today and what that means for folks refinancing.

Would you wait a little bit with your trigger?

Well, I think he comes down to appetite for risk. 00:03:54.510 --> 00:04:2.000  So if if you're watching this and your ah, lower risk person Miller risk averse, I would say you grab the rate. 00:04:2.010 --> 00:04:3.620  They're all time lows. 00:04:4.570 --> 00:04:11.450  Be just incredibly thankful that you're getting this incredibly, no matter who you're financing with locked in your interest rate.

However, if you want to check that box and really not have to worry about floating what we call floating in the business where you're not locked outside of lox flow, Um, then you walk.

Then you could take on a float position right now, which I'm just gauging when I'm talking to my clients.

I'm being very, very transparent with them.

I want the lock conversation to be a two way conversation.

Let's just say 2.5% on a 15 year today or 3.1 on the 30 year, whatever the numbers are, which those numbers are out there, depending on your financial situation. 00:04:59.380 --> 00:05:5.810  And so let's just say we're two and 1/2 percent on a 15 year fixed that is historically low. 00:05:5.810 --> 00:05:12.420  I've actually in my 19 year career, never done an interest rate lock interest rate that low ever.

So if you're risk averse and you're seeing these all time low rates, you gotta grab it I think you grab it.

You just breathe easy If they continue to go lower, One question to ask your lender is do they have a real lot policy, or do they have a rate renegotiation policy?

Because if you have a rare renegotiation policy and we do, depending on the movement, the market, if we lock and the rates continue to improve, then we'll re lock you lower.

Maybe not at the absolute floor, but you're gonna get some great improvement.

Okay, But if we lock in the rates go up there, we're all gonna be excited and happy and breathe easy that we have a lot.

So that's one strategy is Hey, I'm more of a risk of Earth person.

Let's lock it. 00:05:58.380 --> 00:06:5.130  Okay, um, if you really are trying to catch it at the bottom, which again, nobody knows where that is until it's behind us. 00:06:5.260 --> 00:06:12.350  But if you're trying to catch it at the bottom, then I'm having the conversation with my clients about cautiously floating with loan.

You're gonna do everything that you normally would do on your application.

Submit your financials, submit your pay stubs W two tax returns.

Get the appraisal done if one is necessary.

What is your ceiling that you want for your rate?

Okay, let's say it's 3.25 on a 30 year fixed.

And you don't want to do anything higher than that.

Then be on a two way understanding with your lender so that when the raid is ready to lock and it actually is better than that, the lender can lock it if rates start to turn.

And believe me, when they go, they go quickly.

Like the oil prices today, going down raise can go up that fast.

It's it's really remarkable help how quickly it can shift. 00:06:59.240 --> 00:07:0.230  So be ready. 00:07:0.310 --> 00:07:4.180  And then we can lock our entire pipeline and 45 minutes on dhe. 00:07:4.180 --> 00:07:11.650  That's basically how you have to be positioned so this cautiously floating policy might work well.

However, if lenders get too busy and they can't pay attention to your loan, that's something.

And considering you might get left in the cold if rates go back up right?

So let me throw us on a different you hear?

So let me ask you about this because, you know, I I think that Ah, a lot of people are kind of looking at these rates thinking, Oh, you know, I bought it 3.9 about it.

Now, whatever it is, what's that really mean to me in terms of a payment?

How what is there some some quick math, A quick formula you can give folks to give it given I get an idea of what this means in real dollars and cents.

Yeah, I mean the median home price in Austin's just over 300,000.

So let's just use 300,000 as a loan amount for, For example, a lot of folks are over that summer under, but as a general rule, if you're at 4% now and you're gonna lower your rate to 3% of course that's a 1% variance.

It's basically $3000 a year in interest, right 1% of 300,000 so roughly 2 250 bucks a month.

So if it's gonna cost you $3000 to refinance and you're going to say a few $1000 in the first year, then it's a one year break.

That's a pretty good, pretty good makes sense loan due to cost you 8000 refinance and you're gonna save 100 bucks a month.

字幕リスト動画再生

住宅ローン金利が岩のように下がっているが、買い手は何をすべきか？ (Mortgage rates are dropping like a rock, what should buyers do?)

grab

basically

term

associate