Jennifer Wilford

Coast National Mortgage

Why You Should Compare Different Mortgages

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Comparing mortgages is a crucial step in the process of buying a home or refinancing an existing mortgage. Here are some reasons why:

Save Money: Comparing mortgages can help you save money by finding the best interest rates and terms available. A lower interest rate can mean thousands of dollars in savings over the life of a mortgage.

Avoid Pitfalls: By comparing mortgages, you can avoid pitfalls such as hidden fees, penalties, or other unfavorable terms that can cost you money and cause financial stress.

Negotiate Better Terms: If you have a good understanding of what’s available in the mortgage market, you can negotiate better terms with lenders.

Peace of Mind: Comparing mortgages can give you peace of mind that you are making the best financial decision for your situation.

Each person’s financial situation is unique, so finding the right mortgage that fits your individual needs is important. Comparing mortgages can help you find the right type of mortgage, such as a fixed-rate or adjustable-rate mortgage, that suits your budget and financial goals. It can be a complex process, but here are some general steps you can take to help guide you in your search.

Determine your budget: The first step is to determine how much you can afford to borrow. Consider your monthly income, expenses, and savings to figure out how much you can comfortably afford to pay each month toward your mortgage.

Shop around: Look at different mortgage options from different lenders to compare interest rates, fees, and terms. Don’t just go with the first offer you receive, as there may be better options available.

Consider the type of mortgage: There are different types of mortgages available, such as fixed-rate mortgages and adjustable-rate mortgages. Each type has its own advantages and disadvantages, so research and consider which option would work best for your needs.

Think about the length of the loan: Mortgages typically come in 15- or 30-year terms, but other options may be available. Longer terms mean lower monthly payments, but more interest paid over time. Shorter terms mean higher monthly payments, but less interest paid overall.

Check your credit score: Your credit score can affect the interest rate you qualify for, so make sure it’s in good shape before applying for a mortgage.

Get pre-approved: Getting pre-approved for a mortgage can give you a better idea of what you can afford, and it can also help you be taken more seriously by sellers when making an offer on a home.

Remember, taking the time to research and compare your options can help you find the right mortgage for your needs and budget and is an essential step in the home-buying process, and it can help you save money, find the right mortgage, avoid pitfalls, negotiate better terms, and have peace of mind. A mortgage broker can help you find and compare mortgage options from different lenders, which can save you time and potentially help you find a better deal.

What’s Ahead For Mortgage Rates This Week – October 9, 2023

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The previous week offered a blend of economic updates, covering a report on the jobs market and weekly changes in mortgage rates.

The Jobs Report Was Released
This week, the monthly jobs report was released by the United States Bureau of Labor and Statistics. It showed that the job market completely exceeded all expectations, adding 336,000 jobs during the month of September. That was far higher than the expected number of 170,000. It also represents a significant increase when compared to August, where the economy added a revised total of 227,000 jobs.

The unemployment rate remained relatively steady, coming in at 3.8 percent, which is the same as August. This jobs report is important because it could play a role in whether the Fed decides to raise interest rates in November or keep them the same. With the jobs growth exceeding all expectations, it could give the Fed reason to raise interest rates, as the Fed might believe the economy is still red hot and can tolerate higher interest rates.

A Shift in Mortgage Rates and Employment Dynamics
The 30-year fixed mortgage, the most popular in the United States, continues to trend upward. This week, the average 30-year fixed climbed to 7.8 percent, up significantly from 7.55 percent last week. This is also significantly higher than the rates were in August, which averaged around 7.15 percent. Some experts are stating that a potential rate of 8 percent is not out of the question.

The 15-year fixed mortgage rate has also continued to trend upward, albeit not as much. This week, the average rate for a 15-year fixed mortgage was 7.12 percent, up from 7.05 percent last week. This is still significantly higher than the 6.5 percent average that we saw in August.

It is clear that these rising mortgage rates are putting a damper on those looking to buy a home; however, it does not appear to have caused a major drop in housing prices, although its impacts could still be yet to come.

Consumer Sentiment: A Mild Dip
Consumer sentiment appears to be holding steady, with the current numbers coming in around 68.1. This is still a bit lower than the numbers were in August when they came in at around 69.5. At the same time, the overall sentiment of the current economic conditions continues to trend downward, coming in around 71.4, compared to 75.5 in August.

Consumers are still concerned about inflation and rising interest rates, which make it harder to make ends meet. It will be interesting to see how the jobs report impacts consumer sentiment moving forward.

Looking Forward
The Producer Price Index is due to be released next week, which is another key component of inflationary data. For now, all eyes will be on the Fed’s next meeting, which takes place in early November. The Fed will decide whether to raise rates or hold them steady for another cycle.

Simple Tips for a Stunning First Impression

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Simple Tips for a Stunning First ImpressionThey say, “you never get a second chance to make a good impression”, and when it comes to your home, curb appeal is the key to making a lasting one. Enhancing the exterior of your house not only adds value but also creates a warm and inviting atmosphere for both you and your guests.

Here are some simple yet effective tips that will help transform your home’s exterior and make it the envy of the neighborhood.

Begin with a Welcoming Entrance: The front door is the gateway to your home, and a fresh coat of paint can do wonders to revitalize its appearance. Consider selecting a color that complements your home’s style and personality. Don’t shy away from bold choices that create a statement.

Revitalize the Exterior: The exterior walls of your house may benefit from a thorough cleaning or a fresh coat of paint. Pressure washing can remove dirt, grime, and stains, making your home look instantly refreshed. If you’re painting, choose a color scheme that harmonizes with the surroundings while accentuating architectural features. Take the time to inspect your home’s siding or brickwork for any necessary repairs, as addressing these issues promptly prevents further deterioration.

Beautiful Landscaping: A well-maintained and thoughtfully designed landscape can make a significant difference in your home’s curb appeal. Start by trimming overgrown shrubs and trees, removing weeds, and adding fresh mulch to flower beds. Incorporate a variety of plants that thrive in your climate, ensuring year-round color and texture. Consider planting flowers, installing window boxes, or hanging baskets to bring vibrancy to your windows and walls.

Upgrade Outdoor Lighting: Outdoor lighting not only enhances safety but also creates an inviting ambiance. Illuminate your pathways, porch, and landscaping with stylish light fixtures that match the architectural style of your home. Consider installing solar-powered lights to save energy and reduce maintenance. Strategically placed lighting can highlight focal points, such as trees or architectural details.

Pay Attention to Small Details: Don’t underestimate the impact of small details when it comes to enhancing your home’s curb appeal. Replace worn-out house numbers, doorbells, and mailbox to give your home a polished look. Upgrade your front porch furniture or add decorative elements like outdoor artwork or a porch swing to create an inviting space. Ensure that your gutters and downspouts are clean and in good condition, and consider adding window shutters or freshening up their paint.

Remember, the key to improving curb appeal is to create a visually appealing and well-maintained exterior. By implementing these tips and putting in some effort, you can significantly enhance the curb appeal of your property.

About

Recognized by Orange Coast Magazine as one of the top 2% of mortgage professionals in Orange County, Jennifer Wilford has been doing mortgage loans in Orange County for over 32 years. She has personally closed over 3000 home loans. In 2012, 2013, and 2014 she was honored to be named as a 5 Star Mortgage Professional by Orange Coast Magazine. She is the broker and owner of Coast National Mortgage. She can help you with any of your home financing needs, whether that be for the purchase of a home or a refinance.

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501 N El Camino Real Suite 200
San Clemente, CA 92672
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