“(Rates have) been holding pretty steady, high sixes to low sevens, and it’s still a great rate,” Brennan told Mortgage Professional America. “At a 6% rate, there’s potentially 5 to 6 million refi opportunities out there, which is incredible. There are only 2.7 million purchases per year. So there’s definitely an opportunity.”
He talks with both those waiting for a refinance and those looking to buy a home to be prepared for potential rate declines.
“It’s about being prepared for when the opportunity comes,” Brennan said. “And that’s why being with a mortgage professional (is important). We’re here for the long term, so we can look at the information, see what you’re comfortable with, and have everything ready. We’ll build the file, so once you find that you’re ready to make that purchase and make that offer, we’re able to jump on it right away.”
Time for a mortgage checkup
However, many customers with an existing mortgage have an interest rate significantly lower than the current rates. That’s why Brennan suggests homeowners sit down with a mortgage professional to get a complete picture of their financial situation and determine if a refinance makes sense.
“My question is, when’s the last time you got a mortgage checkup?” Brennan said. “And most people will sit there and say, ‘Well, I’m not sure. What do you mean by a mortgage checkup?’ When’s the last time you just sat down and put everything on the table, and said, ‘Hey, this is my mortgage payment. This is what I’m paying in monthly credit cards. This is what I’m paying on my car note. This is what I’m paying on personal loans or a HELOC.’”