Well, interest rates are continuing to be stubborn. My name is Tom Heath. I’m Vice President, Senior Loan Officer, and I work the Mortgage Guidance Group here at Nova Home Loans. And we saw indications towards the end of 2023 that interest rates might be peaking and coming down. And as we all expected, it’s not been a straight trajectory to the bottom. There’ve been some ups and downs, and certainly with more economic data coming out, it looks like the lower interest rates might be a little farther into the future than we originally thought. So those of your buyers that have purchased in the last couple of years with the expectation of refinancing, when rates come down, they may need to tap into their equity to work on credit card bills, do home improvements or whatever their needs are. And I wanna remind you that we do have a full suite of home equity lines of credit, second mortgages and ways to help borrowers tap into that equity without necessarily refinancing their first mortgage.
We also have a program at the Mortgage Guidance Group called PreQualify for the Refi that will help your clients get ready for lower interest rates and be in the best possible position when it does come time to refinance. It amazes me that people will spend a lot of time qualifying for a home purchase and getting prepared, then they don’t think about the refinance. They just wait until the time is upon them and they might not get the best terms by doing that. A lot of different variations go into refinance versus a purchase and we can help your clients be prepared.
There’s a link over my shoulder. It’s PreQualify for the Refi and there’s details about this program. It’s no cost obligation. It’s informational. There’s no hard credit reports. There’s no cost involved. So there really is no reason for someone not to explore and get a little bit more information about how they can be in a better position when rates eventually do drop.
So we can help them now tap into the equity. We can help them later when rates drop. And as always, we still do the mortgage purchase loans. So if you’re out and about this weekend and need a prequalification letter, if you have questions about loan programs, Trevor and I are both here to answer them. Have a great weekend and we’ll talk to you soon.
