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First Colony Mortgage

By Clip Syndicate
First Colony Mortgage

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First Colony Mortgage
http://chic.clipsyndicate.com/video/playlist/12512/7119205?cpt=8&wpid=2637 Fri, 06 Oct 2017 15:44:14 +0000 First Colony Mortgage First Colony Mortgage http://chic.clipsyndicate.com/video/playlist/12512/7119205?cpt=8&wpid=2637 KTVX ABC 4 Salt Lake City >> this morning we're talking about home lones now you probably heard it's a seller's market, you probably heard interest rates are low, what does that mean for you, we bring in blake bench from first colonnee mortgage, thanks for being us this morning. >> thanks, it is a seller's market, which means a couple of things for you. if you are buying a house, that usually means you have a lot of competition, a lot of people looking at that same house. interest rates are good, but also means if you own a home right now, it means that value of your home is up, from where it was when you bought it. >> so if i'm not going to sell my home right now and i want to stay where i am at but i like the idea that the market is in my favor, what does that mean for me i'm just sitting on my house. >> it means you may have some opportunities to refinance your loan. >> okay. >> and with rates well, rates low right now, you may be able to improve your payment. >> where are the rates at the moment. >> right now in the upper 3 percent range, low 4% range depending on your situation. but yeah, up 3s and 4s is really good. >> i like that idea. i just bought a home two years ago, my rate i got in sits at 4%, is this a good time for me to flirt with the market and see what i can do to refinance your mortgage. >> for you, brian, 4% may not save you that much money, you maybe don't 23450ed to do that unless you have mortgage insurance. >> for people who don't know, what is that. >> so mortgage insurance is this nasty little thing that we hate that you have to pay if you don't have a big down payment. so a lot of people actually have it and it is sort of a waste of money. we hate it. but with values going up, even if you can't lower your rate that much, if you can dump 150 of mortgage insurance out of your monthly payment, that is fantastic. >> it might be a good opportunity for people there to say they like their rate but they can get rid of this mortgage insurance by refinancing. >> absolutely. >> if they are not doing the mortgage insurance, they want to get rid of that, if that is not their situation, when is a good time for them to refinance, how do you know the difference? >> so there are a lot of different reasons to refinance, some good, some not so good. maybe the other opportunity that people have in this market is their homes now got more value. got some equity. they can take advantage of that if they need it, so for example i have clients in st. george, shoutout to southern utah, it is probably warmer there than it is here right now, we're warming up. they're taking 30,000 from the equity of their house and will pay off some medical bills and also remodel their kitchen. it is a good time they can cash out there. >> yeah. >> and they're actually going to be saving money compared to where their payment is right now because they're dumping mortgage insurance, getting money out, paying off other bills, will work out great. >> there are a couple of things you can do, what about types of refinancing. >> the cashout refinance which we talked about, a refinance to just get rid of your mortgage insurance is one we talked about. there are other opportunities that if you have a certain type of loan, you can do a stream line refinance which makes it a really easy process, so there are lots of different options for people right now. >> you have some options as far as the things you can do with the money, things you can do with your lone, what are you seeing as far as a trend of people coming too your office r a lot of people doing this, are you hoping they jump on the band wagon because that will be the next wave for the next couple of months? >> lots of people buying homes but also taking equity out. we want to encourage them to did that smart. so when they come into moi office we talk about taking this eck quite out. we want to make sure they are doing it to improve their financial situation, pay off debt. >> anything you want to do as far as those options are concerned. >> just don't buy a boat. >> sure, right. >> no offense to the boat industry, but maybe it's a good idea to put that money back into the house you live every day. if you want to find out more nrvetion but, where do they go online. >> the pest place, first colonnee mortgage.com. and you can actually find me there or any of our great loan officers on our website. >> there you go. talking with blake from first colonnee mortgage, we have a link to their website on our website good for utah.com as well. talking about being able to make the most out of your

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