PSA: Now is a good time to refinance, cash out or rate/term

[Chris Mason]

OP title is basically the gist of it. If you've been on the fence for the last six months on the numbers making sense or not, the numbers will at this point make more sense than at any point since the presidential election in 2016 that "Trumped" rates up. It was actually the largest day-on-day rate bump in the last three years. But rates have come back down significantly since then.

Quick version: E-Mail me your most recent mortgage statement, goals (drop payment/rate v cash out), and three times/dates when you will be available to chat if you just want to get down to numbers. [email protected]. 

If you didn't like the rate you got when you purchased due to the Trumped up rates, don't feel too bad, you can't really day-trade on a purchase mortgage when you've got deadlines to meet, but you can on a refinance. 

I've got a pretty nifty free mortgage toolkit cell phone app (no e-mail confirmation to sign up, etc) that includes tracking the Freddie Mac interest rate index, which is a neutral 3rd party. When plugging in numbers for the refinance calculator, recall that refinancing doesn't change your property tax bill, so put in your current taxes and homeowner's insurance. It also includes purchase affordability calculators for owner occupants.

News tracker looks like this:

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- From there, or you can skip it and email me directly if you like, do reach out to figure out if refinancing makes sense, and/or how much you stand to improve your cashflow by on a monthly basis by dropping your rate, and/or how much you can pull out for your next down payment & what impact it'll have on cashflow of that property. 

- Available for primary residences (including Jumbo loan amounts, even if you have >4 financed properties), second homes, and investment properties (cash out refinances available for investment properties if you have up to 10 financed properties, not capped at 4 or 6). In some cases, short term rental income (AirBnB, etc) can be considered as qualifying income.

- Realtors, throwing your branding and contact information on it is available upon request. That branding and contact info will "stick" to anyone you subsequently share it with, and so on from there. What your clients writing offers right now need to know, real estate agents, is that for a $600k transaciton, a quarter point rate drop does more than offset offering that extra $12k it might take to get the offer accepted from a monthly payment perspective.

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The app is available to anyone, but my personal license is only good for real estate in California, which of course includes keywords like sunny San Diego, Oakland where Section 8 is your way around rent control, Los Angeles where Hollywood isn't all it's made out to be, the Bay Area, SoCal where I was stationed for a while in the military, San Francisco where everyone acted like the world was ending when it was 100 degrees out a few weekends ago (LOL), Silicon Valley where y'all are software engineers that will make fun of my app because I'm not a CS major, Sacramento where 100 degrees is just a normal day, Stockton, Modesto, Vallejo which was the hottest real estate market in 2016 and enjoyed unparalleled appreciation, Sonoma where I lived in a trailer park as a teenager, Marin where I grew up as a kid, the East Bay where I live, Pittsburg, Antioch, Concord, etc.

Equal housing lender. This is not a commitment to lend or extend credit. Restrictions may apply. Rates may not be available at time of application. Information and/or data are subject to change without notice. All loans are subject to credit approval. Not all loans or products are available in all states. Bay Equity LLC, 28 Liberty Ship Way Suite 2800, Sausalito CA 94965.