The better part of the last 5 months have seen us shift our attention away from Efinity Mortgage towards our Efinity Insurance platform. This was perhaps none more evident than the lack of Efinity Reports during this period. In many ways it should not have been a surprise to us when we were inundated on Friday and yesterday with phone calls from existing clients wanting to confirm their mortgage rates were secure (locked).
First off, major props to our clients who have been paying very close attention to mortgage rates both posted daily on Efinity Mortgage's website and in general new outlets. Rates have started rising by and large because of stronger than anticipated economic reports. The surprise has been that just over the last week rates have risen 0.25%. For some perspective, that's almost $50 a month on a $250,000 mortgage. That's $50 every single month you have that mortgage note and for most of us... that's a while! So if $600 might not be a big deal to you, think about $6,000 over a 10yr period. Since we're not thinking about the ramifications of these savings, might we siggest placing that money with Efinity Financial and allowing them to leverage a secondary set of college savings funds or well placed life insurance or some other proper savings plan. Hopefully we have your attention now.
A friend of mine in the business emailed me and mentioned that some people say good things come to those who wait and others suggest to strike while the iron is hot. In this case, the "iron is still hot" with rates at exceptionally low levels, but it's starting to turn, and quickly. He is correct in his announcement. We are in a new economic paradigm. It may be several decades before we see home loan rates this low again. Don't let apathy get the better of good sense. And hey think of it as a gift to give yourself...and just in time for the holidays!