Episode 227: Mortgages in a High-Rate Environment with Erica Powers

Women's Money Wisdom

The rates are high in the mortgage world. There’s no denying it! In this chat, Melissa Joy dives into the ever-changing landscape of mortgages with guest Erica Powers, CMPS®, CDLP®, NMLS#739673. First Merchants Bank is an Equal Housing Lender and a Member FDIC. We’ll spill the beans on today’s mortgage scene, chat about savvy refinancing moves, and talk about some little-known home buying hacks. Plus, we’ll bust some mortgage myths wide open! It all starts with being well-informed.

Listen and Learn:

1. Are the rates high? We talk historical averages for some comparison.

2. Buy now or wait for the rates to drop? Homebuyers get some advice on waiting, prices, and limited inventory.

3. How to add up the costs of homeownership (property taxes + insurance + maintenance).

4. Refinancers beware! How to balance the costs, potential savings, and long-term financial impact of your refi.

5. Special tips for first-time homebuyers to help bridge the gap between savings and that hard-to-reach down payment.

Links are being provided for information purposes only. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Pearl Planning cannot guarantee that the information herein is accurate, complete, or timely. Pearl Planning makes no warranties with regard to such information or results obtained by its use and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation. Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. Pearl Planning financial advisors do not render advice on tax matters. You should discuss any tax matters with the appropriate professional.

Κεφάλαια

1. Introduction to the Mortgage Environment (00:00:00)

2. Current State of the Housing Market and Home Buying Strategies (00:03:29)

3. Navigating the Home Buying Process and Bidding Strategies (00:05:13)

4. Understanding Home Appraisals and Appraisal Gaps (00:07:04)

5. Strategies for Making Competitive Offers and Escalation Clauses (00:08:28)

6. Considerations for Homeownership and Ancillary Costs (00:11:29)

7. Strategies for Lowering Interest Costs and Temporary Buy-Downs (00:22:06)

8. Refinancing Considerations and Myths Debunked (00:31:15)

9. Opportunities for First-Time Homebuyers and Down Payment Assistance (00:36:06)