Written by Chase Majerus
Hello, good morning, bonjour, hola, it’s This Week Today! Take a moment and take a big deep breath, remember why you woke up this morning, grab your coffee, and brace yourself. It’s going to be a very thrilling journey through the riveting world of homes, your money, and the occasional existential crisis over mortgage rates. If you’re here for dry, uninspired finance updates, you’re in the wrong neighborhood.
A home equity line of credit, or HELOC, lets you borrow against your home’s available equity. Applying for a HELOC with Synergy One Lending is fast and easy. Our application is fast, easy, and all online. If pre-approved, you’ll be instantly presented with your offer options.
It’s always best to just rip off the band-aid right? Well, here we go.
Federal Reserve Chair Jerome Powell’s recent remarks suggest interest rate cuts are off the table for now, with inflation stubbornly above the Fed’s target. Shoot. Sorry.
“They’ve got the economy right where they want it. They now are just focused on inflation numbers.” – Mark Zandi, Chief Economist at Moody’s Analytics
This cautious stance poses risks of policy missteps and economic turbulence, with financial sectors and labor markets feeling the pinch of prolonged rate hikes.
But could there be hope?
“Powell and his fellow policymakers ‘will be pleasantly surprised’ by inflation data in coming months.” – Citigroup economist Andrew Hollenhorst
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This is big for people who have been following this story.
Fannie Mae and Freddie Mac announced that commissions paid to buyer’s agents won’t count towards seller contributions for closing costs.
Essentially, when someone sells a property, they can sometimes help cover the buyer’s closing costs, but there are limits to how much they can contribute. Fannie Mae and Freddie Mac clarified that commissions to the buyer’s agent won’t count towards these limits because they’re considered a standard expense for the seller.
Groups like the Community Home Lenders Association, supported the move, viewing it as a way to protect first-time homebuyers.
Read the full article here: www.housingwire.com
I asked a real-life Synergy One Lending Sales Manager (thank you Bryson Smith, NMLS #2027799) a bunch of questions about being a loan officer… here’s what I found!
What does a loan officer even do?
A loan officer helps facilitate the financial aspect of purchasing a home.
But what does a good loan officer do, though?
I’d say a good loan officer is someone that sits down with you before the process has started and identifies what your budget is, what your max monthly payment that you’re okay with is, what the max cash out of pocket that you’re okay with is, and then helps reverse engineer the highest possible purchase price for those scenarios in order to yield you a loan that you’re comfortable with.
What is one bit of advice that you would give to potential home buyers in 2024?
I’d say get pre-approved. You need to know what you can and can’t afford. And it helps create a game plan for the future, whether you’re ready to purchase tomorrow, a year from now or five years from now, knowing where you currently stand is a valuable asset.
Now let’s say you’ve already purchased a home. What’s one great piece of advice for current homeowners?
Take a look at your equity and take a look at your debts and see if you can utilize some of that equity to leverage it in a way that it’s yielding a better financial return for you. Like a HELOC, for example, is a is a lower interest (in essence) way of pulling money out of your home and then paying off potentially high interest debts like car loans, credit card debt… etc.
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