The turkey feast is over, the holiday-season has officially begun.
To many, the day after Thanksgiving is a day to recover from a long day of cooking, over-eating, family and football. To others, it is not a recovery day, but a day of action, a day to get started on holiday shopping!! With retailers opening as early as 4 AM (and some opening as early as midnight last night), the onslaught of “Black Friday” sales listed in the newspaper and by email and on the television and on the radio are everywhere. (But, just as an aside, if you live in Georgia like I do, the advertisements from retailers have been a welcome relief from the back-to-back-to-back-to-back political commercials for the upcoming Congressional runoff . . . “Well, he’s a liar. No, he’s a liar. Well, he’s a liar” . . . seriously the commercials say the exact opposite — someone MUST be lying. Maybe they are both lying??).
One “Black Friday” super sale that you need to know about (even more so than the door-buster sale at [insert retailer name here] is the sale in mortgage financing. Mortgage rates are close to a year low — meaning if you have an adjustable rate mortgage (and I know millions of us do), or if you have a mortgage rate that is higher than 6.25% — you need to get ready. The Fed’s decision to inject billions of dollars in to mortgage-backed securities caused mortgage rates to go down earlier in the week. AND, because the market has been able to sustain that movement down in rates — meaning the move was more than a temporary knee-jerk reaction — these historically low rates may stick around for more than just a few hours. The last time mortgage rates dipped down to this level was January 15th of this year. Mortgage rates dipped down to 5.25% only to stay there a few hours and jumped up to 5.875% by the end of the day!
When rates dropped 0.5% on Tuesday (after the Fed’s announcement), thanks to myRateTrack.comand the target refi rate notification system, a lot of my clients were notified that their target rate was available. If you have not yet set up your own personal account, please take 5 minutes to set it up now. It’s free for you to use and could save you hundreds of dollars per month and thousands of dollars over the life of the loan. To access the myRateTrack.comsystem for free, use the promo code “the mortgage blog”. With this code, you will entered in to my database of clients, and we can start monitoring your mortgage together.
Let’s see . . . you could have set the alarm for 4 AM this morning to make it to the department stores to be the first person in line and get the $20 gift card, or you can take a few minutes (at your leisure), set yourself up in the myRateTrack.com system (with a target rate set, you’ll be one of the first people that gets a phone call from me when it’s time to take action) and you could soon be getting a “gift” of a big-$$$ savings every month in your mortgage payment. Talk about the gift that keeps on giving!!
Jeffrey Pinkerton is a Mortgage Consultant and President of Hillside Lending, LLC and writer for “the Mortgage Blog.” Hillside Lending seeks to provide mortgage brokerage services with the highest standards of service, care, honesty, integrity and value; concentrating on owner-occupied, residential financing. For more information about available programs and interest rates, please visit www.hillsidelending.com.