Brock Fleming - Mortgage Lender

11/13/2024

Great opportunity to have a great time on a Wednesday! If you’re in the area, please consider stopping by! It is free, but if you can RSVP using the link, it’s appreciated!

10/24/2024

I’m very happy to be a part of such a cool tailgating event! If you are an industry professional, it’s going to be a great time!

08/21/2024

We hit another 2024 low on the 10 Year Treasury today. Mortgage rates generally correlate with the 10 Year, so it’s definitely something to follow.

I can’t stress enough that when rates fall, more buyers show up. When more buyers show up, it becomes tougher to get an accepted offer on a home at a reasonable price and reasonable terms. Multiple offers to compete with, rising home prices, homes sold “as is,” all of which are soon to be expected.

Reach out to go further in detail about how you can take advantage of the current and expected market, whether you are looking to purchase a primary home or even an investment property.

08/07/2024

Well, we’ve lost some ground, as for rates over the last couple of days, but they are still lower than they have been most of this year. This is mainly due to the rebound of the Japanese market. That said, this week has really shown how quickly the market can move in a short span. If you are on the fence about purchasing a new home or refinancing your current home, make sure you have a plan in place now that allows you to move quickly for when the time comes.

08/05/2024

If you paused your home search due to the market, I would advise you to start looking again. In a very short time, rates have dropped significantly. Most purchase loan programs are now posting in the 6-6.75% range, with some loan programs starting with a 5. We will surely see home prices rise soon, so urgency may be required if you are wanting to “time” the market.

For refinance customers, most of you can get in the high 5’s or low/mid 6’s, with the option to use your homes equity to get even lower.

Give me a call at 812.989.3626 to discuss.

Please, understand that the rates mentioned were generated using a specific criteria that you may or may not qualify for you and this is not a guarantee to lend.

01/30/2024

With the trend of “higher” interest rates over the last couple of years, we’ve also seen creativity with a lot of investors designed to incentivize purchasing a home now. One that I really like is a Buydown Program that gives a buyer the ability to use SELLER paid closing costs to temporarily lower their interest rate for up to 3 years! This enables a buyer to have a temporary interest rate up to 3% LESS than what they qualify for. The idea behind it is that the buyer has up to 3 years to refinance, before their original qualifying rate sets in at a fixed rate. Again, this is at no cost to the buyer!

Another, and maybe the biggest benefit, is that purchasing a home now could save buyers thousands of dollars, assuming no that home prices will skyrocket again when the interest rates drop. We all remember what happened last time the interest rates dropped! Multiple offers on every home on the market, not to mention most homes went for well over asking price.

Give me a call with any questions about the Temporary Buydown Program or to discuss other creative loan programs designed to benefit buyers in the current mortgage market.

- Brock Fleming
812.989.3626

06/20/2023

I had an interesting conversation with a real estate agent in NC yesterday and she mentioned a more than likely scenario that has really stuck with me. I’ve worked with this agent for over 4 years and I truly trust her opinion. Yes, interest rates and even loan costs are high right now and the majority of people interested in purchasing a new primary residence or even an investment property have put their home searches on hold until the market straightens out. I wouldn’t have necessarily argued that and I don’t love “selling” my opinions as facts, but she did shed some light on what happened during Covid and what will probably happen again in the next 12 months. During Covid, we saw an enormous amount of buyers, causing a longer than 2 year stretch of multiple offer situations that really did knock a lot of great buyers out of the running. It was demoralizing and so stressful for a lot of my clients. While it wasn’t impossible to purchase a home at or below listing price or with lower than 20% down payment or even using FHA, USDA, or VA loan programs… it made it very very difficult. So many people settled on homes they normally wouldn’t have purchased, just because there were less offers to compete with or they got out completely. Currently, it’s much easier to purchase with those scenarios based on the market, but for how long? The buyers with huge down payments and willingness to grossly pay over listing price didn’t go away, even though it seems they have. They’ve put their assets aside and are pausing their search, waiting patiently to jump back in. Once the market calms and the rates and costs relax a bit, we are most likely going to see the same situations we saw during Covid. That is seemingly an inevitable reaction.

So, I’ll leave you with this… If someone is looking to purchase a home now or in the future without wanting to put 20% down and at a higher price, should they look at buying sooner than later and taking advantage of the window we are in, before every listing has 10 offers to compete with? If you believe, like I do, that the market will calm in the next 12 months, you would rest assured that you’d only pay higher interest for a short time, before refinancing when the market cooled, right? Especially if you are a current renter, where your monthly payments work to payoff your landlords mortgage and not your own. In short, most people may not be looking at this current mortgage market as an advantage and an opportunity, but it very well could be. I feel that we may look back in time and see a missed opportunity. What are your thoughts?

Feel free to comment, send me a private message, or reach out via call or text at 812.989.3626 to see what homeownership may look like for you.

12/15/2021

Mortgage rates continue to trickle upwards the last few months, but this upcoming Fed meeting could really cause them to speed up the inevitable rate hike we've anticipated. Make sure to go over your finances including your mortgage options for lower rate refinancing, a home purchase, or pulling out equity for debt consolidation/home projects before it's too late! This type of news affects more than just mortgages. It also affects credit card payments, business loans, auto loans, etc.

Rising prices are causing the central bank to ponder a more aggressive monetary response.

11/03/2021

Market Update: Rates continue to rise slowly, but have been fairly steady. If you've been kicking around the idea of a home renovation, I would seriously start considering a cashout refinance as opposed to a HELOC later on. HELOC payments normally balloon after 10 plus years and payments are setup on interest only. Call, text or message me with any questions or for a free consultation.