Page 19 - December 2020 Issue.indd

President Trump and the Congress are But, for a brief period of time, interest on a given day is low enough and you

trying to work together to parse together rates bounced off of their historic lows can benefi t by refinancing at that rate

some semblance of relief for all those in early March leaving those who then lock it. The lowest mortgage rates
impacted. Hopefully, by the time you failed to pull the trigger wondering got ever was March 5th and 6th. Rates
read this, something of signifi cance will what happened and whether the rates moved up the following week to the
be in place and our lives will somewhat would indeed return to those historic extent that those who considered it the
be back to normal. I am afraid that we low levels. By the time you read this they week before found that rates increased
will be living with Coronavirus for a very well may have. by .25 to .50 percent and for some the
while. bump in rates made refinancing less
I am going to state again for the record benefi cial.

The last several weeks (early March) two very firm beliefs that I have about
have seen the stock market move from whether to refinance and when to Many of you may remember Julius

a bull to a bear by dropping more than refinance or lock in the rate. Westheimer, a stockbroker who
20%. The mortgage market has heated appeared on WBAL TV for years giving

First you should refinance to as short a

up to red hot status as homeowners take investment advice. Julius had a saying
term mortgage that you can reasonably
advantage of interest rates that have hit about the market, “Bulls and Bears
afford. The operative word here is
levels never seen before. The goal of make money and Pigs get slaughtered”.
“reasonable”. The only person who can

moving to a shorter-term mortgage has Essentially saying that if you invest

define “reasonable” is you. Just because
been realized and for many with very wisely and do not get greedy you will
you can qualify for a payment does not
little change in the monthly payment make money in the stock market. Th e

mean that the payment fits in with your
they are making. Others had the added same is true for mortgage rates, don’t get
monthly budget. Easy for me to tell
benefit of being able to drop private greedy or you will miss an opportunity.
you how much of a payment you can
mortgage insurance because their equity
qualify for, I am not going to be making Lenders are not appraisers, but they
position improved to the point that
the payment. should have an idea of a range of value
they had more than 20% equity due to for you home. Lenders who are out of the
increasing real estate values. Second thing to remember when area or unfamiliar with our market can
considering refinancing is that if the rate

be the least reliable to estimate a value of
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