Frankie Giorgio Jr. NMLS #1811974

🔹The median home price is $643k
🔹The average downpayment is 15%
🔹Taxes vary depending on the area, but on the south shore $14k annually is par for the course
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With this all in mind and a rate of 6.75%, your monthly housing payment would be right around $4,950.

To qualify for this home with no other debt, your household income would need to be a minimum of $119,000✅

Most people will tell you refinancing in this market doesn’t make sense, but that’s not the case for everyone:

🔹if you hold large amounts of credit card debt and want to stop getting killed by interest, a refinance may change your entire financial situation for the better

🔹you may not get a better interest rate on your mortgage today, but the interest rates are still MUCH lower than credit card interest rates

🔹using a cash-out refinance, you can use equity in your home to pay off your credit card debt and transfer that debt to your mortgage

🔹as you can see, the average mortgage interest rate is hovering around 6% with the APR being a little bit higher

🔹the APR being paid by consumers with perfect credit on credit card debt is nearly triple what they’d pay in interest on a mortgage

Shoot me a message if this applies to you or someone you know. It can make a world of difference in monthly expenses💰

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If you’re looking for a house and wondering if rates have changed from when you were pre-approved, wonder no longer!

This is one of the most frequently asked questions I get when homebuyers are out looking for or have found a home and haven’t had their rate locked in yet.

The 10 Year Treasury Note Yield is what is called a “fixed rate asset”, as are Mortgage Backed Securities (MBS). These two assets are in direct competition for investor money.

When the 10 year yield rises/falls, mortgage rates historically will follow.

Just Google search “$TNX chart” and compare where it was when you were pre-approved to the current location to know whether you should expect a higher or lower rate today.

“Don’t wait to buy real estate. Buy real estate & wait.”

The simplified version:

🔹during the ‘08 mortgage crisis, mortgages were given to under qualified homebuyers

🔹This time around buyers have been by and large very qualified, so we won’t see mass defaults and foreclosures driving prices down like in 2008

🔹”but we’re in a recession”—again, no luck there. Aside from ‘08, housing prices tend to continue to increase through recessions

🔹want to know what you qualify for? Shoot me a DM 📥

TLDR: like with most assets, time in the market>timing the market.

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