Mortgage rates

RATES HAVE MOVED UP BY .25 POINT

posted in: Mortgages

In the blog post from December 28, 2021, I opined that the time was then to refinance your home so you can have a more comfortable 2022. This morning rates moved up by .25. Every indicator was that rates would indeed move higher. They have done just that. I am going to provide even more examples for you as to why you want to move on the rates, lock in and get the process started NOW…before it is too late. 7th Level Mortgage is just the place to call because the loan officers, processors, and owner are all professionals and have many years of experience in getting you to closing quickly.

You do not need a drill…you need a hole in a wall or a piece of furniture. The point is for you to use the tools that are at your hands, namely the equity you have in your home. The goal is much more important than the tool. The holidays just concluded. Like most Americans, you probably used quite a bit of the available balances on your credit cards, some to the point where they are maxed out. Here is where the tool (the equity) comes to the fore. Here are a couple of facts. The average consumer runs up credit card balances to very high levels during the holidays. Another fact is that the interest on these credit card balances is NOT tax-deductible. Finally, the last fact is the interest on a mortgage payment IS tax-deductible. To pay interest on credit cards needlessly makes no logical or financial sense.

You just had a baby or are expecting one and you want to upgrade or renovate the room where the child will sleep. NOW is the time to get your plans, specs, and permits in place as well as for you to call 7th Level Mortgage to get the cash out that will need to not only pay for these improvements but also set aside a tidy sum for the child’s college fund. What you are doing is using the cash out with the added benefit of tax deduction. With the rules constantly changing ass to what can be deducted from your taxes and what can’t, to hesitate is akin to playing Russian Roulette with your financial future, not to mention the baby’s.

What are the chances that if you took the spare tire out of your car, you would have a flat…that day?! The chances are better than average. Emergencies happen every day. Unfortunately, people do not always have the money for emergencies, like losing a job. The recommendation is that we have at least 6 months worth of monthly bill payments set aside to mitigate the damage when you lose a job. This is just the market and the conditions are just right to set up that emergency fund. Due to the COVID-19 pandemic and with many people being ill-prepared for this particular emergency, jobs were lost, renters faced evictions (despite federal laws to the contrary) and mortgage payments were missed. The money that you could have cashed out of your home would have been the spare tire that gave you some breathing room and flexibility and 7th Level Mortgage is THE lender to go to get this set up.

You have a first position mortgage and a HELOC with a balance. How about combining the two into one payment? The blended rate between the two loans is higher than the average 30 years fixed-rate mortgage is today. In essence, you would have a better rate overall, one convenient payment, tax-deductibility as well as peace of mind. Finally, were you to pay off the first mortgage, HELOC, and the credit cards I mentioned above, your financial stability would greatly improve and with higher loan limits as well as home values on the increase, you would still have equity and the breathing room you need to be more comfortable? The wisest choice is to take the time to call 7th Level Mortgage TODAY. The adage that he who hesitates is lost is applicable today…I urge you to make the call!