Interest Rates Rumored to Rise Soon. What To Do to Save Yourself Money NOW

Interest Rates Rumored to Rise Soon.

What To Do to Save Yourself Money NOW

 

  •      While many Economists, Banks, and Lenders are now assuming (and reporting) that there will be a rise in interest rates in the near future, that assumption is at best, an educated guess ...  

         A rise in interest rates has been predicted for quite a while now.  Yet, it's not happened to this point (at least from the standpoint of the Federal Reserve Bank)...

         That fact could be viewed as somewhat of a financial "gift" ... as lower rates have allowed many to get more financially "fit" or position themselves more favorably for their future.

         How was that possible?  

         And ...

         How can the remaining time prior to the predicted raising of rates play to your advantage financially?   

         Low interest rates over the last couple of years have helped many become first-time home buyers.  Higher interest rates ... paired with less beneficial down payment programs/options ... could have prevented many of those purchases.

         Lower interest rates also benefited home owners that chose to refinance and remain in their current homes.  Lower interest rates equate to real financial savings realized on mortgage payments each month.  

         Savings of dollars that can be better directed and utilized elsewhere by consumers ...

         Examples of where those savings can make a real difference:

  • Equity-building Home Improvement projects
  • Building Savings and Retirement Accounts
  • Paying-down or paying-off higher interest rate Credit Cards, Student Loans, or debt. 

     
     If you're thinking of:  

  • Buying a home 
  • Refinancing 
  • Performing Home Improvements
  • Re-negotiating lower interest rates on credit cards
  • Buying a car
  • Buying a 2nd home 
  • Purchasing a real estate investment property
  • More ...

 

... now is the time for you to take action.  

     

     Now, prior to any possible upcoming interest rate hike.  As those higher interest rates will weaken your financial muscle, weaken your buying power, and lessen any savings potential.

     The first important step you should take is that of fact-finding.  Contact me to discover what financial options you have at your disposal.  What financial steps make the most sense for you ... and will have the most impact. 

     Ask questions and get the answers you need to move yourself financially forward in a more positive direction soon.  I look forward to assisting you ...
 

          *  Hoping to buy a home in the greater Chicagoland area?  Contact me today.  I'll put my 37 years of mortgage experience and expertise hard to work on your behalf.
     I can be easily found at:

Gene Mundt

 

Mortgage Lender  -  NMLS #216987  -  IL Lic. #0006220  -  WI Licensed

American Portfolio Mortgage Corp.

NMLS #175656

 

 Direct:  815.524.2280

Cell/Text:  708.921.6331

eFax:  815.524.2281

gmundt@goapmc.com

www.genemundt.com

 

 

 

 

  

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Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

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Comments

The economy should be in for a wild ride once the Fed finally takes action, it'll be really, really important for people to have an expert like yourself in their corner in the Chicagoland area!

Posted by John Meussner, #MortgageMadeEasy Walnut Creek, CA 484-680-4852 (Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA,) about 3 years ago

Wow .. you're fast with the comments, John Meussner !  And you're right too .. I'm already seeing some movement because of the more serious nature of the forecasts regarding rates.  And that's good ... people are saving money by reacting quickly ...

Always great to hear from you!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Hi Gene - Great advice. I'm among those who believe it's going to happen, while harboring doubts about whether we're really ready. The opportunity is there right now, but may not be tomorrow.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) about 3 years ago

My girl child is squirming about this.  She can't do anything until May.  I hope they con't change her house value too much by then.  But she is obligated on the lease she's currently in.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 3 years ago

Hard to be 100% sure of almost anything in our business these days, Dick Greenberg ... especially interest rate rising.  But you're so right about opportunities existing.  I figure why not find out what's possible??

When you say obligated, Tammy Lankford do you mean to another renter??  Landlord?  Or the fine for breaking the lease is prohibitive?  If it's the latter, the difference in monies saved might make it worth it?  But who better than Mom to ask, right????

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Good Tuesday evening Gene. Who knows, we may see a flurry of activity as folks scurry to get their rate lock before the rates go up.

Posted by TeamCHI - Complete Home Inspections, Inc., Home Inspectons - Nashville, TN area - 615.661.029 (Complete Home Inspections, Inc.) about 3 years ago

Gene there was an up tick in the rates this week, but we have seen that many times in recent years, and then they went back down.  Sooner or later they will go up and up, but I don't think this will be the time.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) about 3 years ago

We were all waiting for interest rates to rise last year at this time and to our chagrin, we are still at great rates!  I preach this to all my clients who are thinking of waiting.

Posted by Francine Viola, In Tune with your Real Estate Needs - Olympia WA (Coldwell Banker Evergreen Olympic Realty, Olympia WA) about 3 years ago

I think that's already somewhat in play, Michael Thornton ... and I'm hearing that comment from many that have contacted me recently ...

Time will tell if you're right, George Souto ... we've heard them say they were this sure about it before ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Francine Viola ... I agree with your advice.  Why not at minimum inquire?  Find out your options and see what's possible?  That way you can make educated decisions ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Good morning Gene. So much excitement about rising interest rates and so little cause for concern. I once had a mortgage at just below 18%, so not going to get excited about rising interest rates well below 5%. Enjoy your day! Keep writing loans!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 3 years ago

Yessir!  Will try to do just that, Wayne Martin  ...

I agree that rates like we're seeing are luxurious in comparison to the 18% days.  But for those that are uber-sensitive to rate hikes .. and there are those that are ... timing can mean everything.  For them ... get the ball rolling!

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Gene, I am telling people do it now and don't wait because it may cost them. I am going to reblog this.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) about 3 years ago

Good morning Gene. Great job with your post, important topic for sure. As thing change with rates going forward, it will be extremely important for clients to work with a real professional like you.

Posted by Joe Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709) about 3 years ago

Excellent advice, Gene.  I agree that the interest rate hike is imminent.  (Though, I have thought this for quite a while now.)

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) about 3 years ago

Appreciate your re-blog and support for the info here, Debbie Reynolds ... thank you!

Definitely something to be aware of .. and prepared for, Joe Petrowsky ...

Gene

 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Gabe Sanders ... Haven't we all!!  Definitely been predicted like clockwork.  We'll see what happens this time ...  

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Gene people do need to be thinking about all the great points you wrote about and take action (if it makes good sense for them) right away. The word everywhere is the time is upon us for a raise in interest rates.  It's been so low for so long most people got num to it being a good deal.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) about 3 years ago

Asking questions is the best thing a potential buyer can do and there's no better person to ask around Chicago than Gene Mundt, Chicago-area Mortgage Lender - www.genemundt.com 

Posted by DEANNA EARLY - - ( NMLS # 268590 ), Virginia Mortgage Loan Originator (American National Bank and Trust) about 3 years ago

I think you're right, Anna Banana Kruchten ... and they've heard it's rising for a long time too, so don't react as much as in the past.  Can't help but think some will kick themselves at some point in the future for not reacting more quickly.  Seen it happen too often ...

 

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Thank you, Deanna Early ... how kind!   And back at ya, in Virginia!

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Gene,

Good advice, and I am here thanks to Debbie Reynolds .  The Fed has been doing a confusing dance, day in and day out.  I am wondering whether they will actually do anything, or find a reason not to.  In particular, I have read that it looks like China is going to devalue its currency further, and that may affect their decison...So I am not holding my breath, here.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 3 years ago

Totally get your hesitancy to fully "invest" in this news, Ron and Alexandra Seigel.  It's not like we haven't heard it before.  At best, this is an educated guess by the media ... and leading financial professionals ... to predict what the Fed will do.  Indicators pointing to the raising of rates have been stronger as of late for many reasons,  But truth is, there are SO many factors and SO many current world events that could derail it ... we all just have to wait to see what they do.  

I still feel it's inevitable that rates will rise at some point ... so why not, at minimum, talk to a Lender to discover where you stand financially, with your credit scores, and option-wise??  You learn valuable things ...

Gene 

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) about 3 years ago

Gene,

I agree with you, about talking to a lender, it is important.  A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding, Marketing & Strategy (Napa Consultants) about 3 years ago

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