Episode 227: Mortgages in a High-Rate Environment with Erica Powers

Women's Money Wisdom

The rates are high in the mortgage world. There’s no denying it! In this chat, Melissa Joy dives into the ever-changing landscape of mortgages with guest Erica Powers, CMPS®, CDLP®, NMLS#739673. First Merchants Bank is an Equal Housing Lender and a Member FDIC. We’ll spill the beans on today’s mortgage scene, chat about savvy refinancing moves, and talk about some little-known home buying hacks. Plus, we’ll bust some mortgage myths wide open! It all starts with being well-informed.

Listen and Learn:

1. Are the rates high? We talk historical averages for some comparison.

2. Buy now or wait for the rates to drop? Homebuyers get some advice on waiting, prices, and limited inventory.

3. How to add up the costs of homeownership (property taxes + insurance + maintenance).

4. Refinancers beware! How to balance the costs, potential savings, and long-term financial impact of your refi.

5. Special tips for first-time homebuyers to help bridge the gap between savings and that hard-to-reach down payment.

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Capitole

1. Introduction to the Mortgage Environment (00:00:00)

2. Current State of the Housing Market and Home Buying Strategies (00:03:29)

3. Navigating the Home Buying Process and Bidding Strategies (00:05:13)

4. Understanding Home Appraisals and Appraisal Gaps (00:07:04)

5. Strategies for Making Competitive Offers and Escalation Clauses (00:08:28)

6. Considerations for Homeownership and Ancillary Costs (00:11:29)

7. Strategies for Lowering Interest Costs and Temporary Buy-Downs (00:22:06)

8. Refinancing Considerations and Myths Debunked (00:31:15)

9. Opportunities for First-Time Homebuyers and Down Payment Assistance (00:36:06)