What is a Cash Out Refinance?

Owning a home comes with its fair share of advantages. For most homeowners, the opportunity to build up equity is what draws them in.

And as we saw in 2016, median home sale prices rose around 5.6%. That trend should continue in 2017, with median home sale prices projected to increase by 5%. Amazingly, if we look back to 2011, home prices have risen a substantial 40%.

Clearly, many homeowners have built up a significant amount of equity, which provides them with the unique opportunity to tap into that capital with a cash out refinance.

What is a cash out refinance?

With a cash-out refinance, you get a loan for more than what you owe for your mortgage, taking the difference in cash.

For example:

You have a mortgage and your remaining balance is $130,000. With a cash-out refinance, you could refinance and get a new mortgage for $150,000, and take home a lump sum of $20,000.

Just as you would with any other refinance, you will be getting a new mortgage rate. That means you have the opportunity to not only take cash out on the equity you’ve built up, but lower your monthly mortgage payments as well.

Click here to get today’s latest mortgage rates (Mar. 2, 2017).

The fact that home prices are rising is important because there are certain limits to how much equity you can cash out. That number will depend on what type of loan you refinance to, but will typically range from 70%-100% of your homes value. So the more your home is worth, the more equity you will be able to tap into.

Reasons homeowners get a cash-out refinance

There are no restrictions on how you use the lump-sum, so you could technically head straight to the casino and put it all on black if you really wanted to. However, that’s probably not the smartest decision. Here are some of the most common reasons why homeowners get a cash-out refinance:

• To make home improvements
• To finance a business or a second property
• To help pay for college, medical expenses not covered by insurance, etc.
• To fund other investments
• To pay for vacation
• To pay off high interest debt

You have to think long and hard about why you need the cash, because:

1. You’re house is now the collateral for whatever you decide to purchase.
2. You could be paying off the loan for 15+ years, depending on the term of your loan.

How do you know if you should get a cash out refinance?

Ideally, you should be refinancing when you can get a new mortgage rate that is lower than the one you currently have. If mortgage rates have in fact gone up, you might be better off getting a home equity loan or line of credit.

It’s also best to use the money towards clear, meaningful goals, such as a home improvement, as opposed to a vacation. After all, do you really want to be paying off your vacation for 15-30 years? Maybe you do, maybe you don’t. It’s entirely down to your personal preference, just make sure that you’ve gone over all of the finances and it makes sense.

Bottom line

Mortgage rates are still hovering at historically low levels, and home prices are projected to rise throughout 2017, making right now a great time for homeowners to think about getting a cash-out refinance.

Click here to get today’s latest mortgage rates (Mar. 2, 2017).

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Postcard App

In the pre-mobile phone days, most things were done manually. Cameras had to be reloaded with film, payments were always made by credit card, visiting a website had to be done on a computer, text messaging was done in numerical code on pagers, there was no facebook or social media, and you didn’t know what your friends were doing all the time.

Same thing goes with postcards as souvenirs, you had to buy them at the souvenir shop, and the postcard picture you sent, was not always the exact image you saw or took on your camera.

Times have changed, and today, you can almost do anything in an app. Mobile phones are now a computer in your pocket, and apps of all varieties exist to solve every modern day dilemma you can think of.

In the age of email, social media, instagram, facebook, etc., postcards and letters are almost a remnant of the past. Greeting cards, and sometimes postcards are still commonly sent out, nostalgic for many, and still nice to receive, but the reality is, technology is taking over. So why not combine the two. Why not send a postcard with a picture you actually took?

With modern technology now you can. Mypostcard.com allows you to take and use your own photos to easily create and send customized printed photo postcards and greeting cards.

It’s as easy as snapping a picture, writing out a personal note, and sending instantly anywhere in the world from a website or directly from your phone with their app.  For only $2.29, it sounds like a great deal.

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5 Tips to Protect Your Financial Data

The economy has always been a worldwide issue. Around the world, millions of people are suffering from financial loss due to online hackers who are experts in stealing your personal information from the sites you visit, through the mobile apps you use. It has been very alarming that earlier last year, experts carried out research to respond to the said crisis.

The research which was called The State of Digital Personalization in 2016 took its roots from digital marketer’s usage of data and the data collection practice itself.

In the online world where most people nowadays do their financial transactions; there are two ways in which the site owner can obtain some of your personal information. The first is the opt-in method which gives you the chance to say no. However, the latter which automatically obtains your data without your knowledge just by using your IP address is dangerous and has put a lot of people to a dreadful situation.

Before being a victim, let’s check out these five helpful tips that you need to keep in mind whenever doing a financial transaction online.

Check secure websites for financial transaction

One of the most common practices used by social engineers and hackers around the world is phishing. This is done by the use of various hyperlinks that allow the attackers to lure their victims to unsafe websites and links. The good thing is, there is actually a way for you to know whether you are doing your financial transaction on a secure website. This trick is very easy so pay close attention.

When you are asked to click on another link for you to do your transaction, hover your pointer over the link to see if you are indeed going to the right place. If you see something suspicious, I guarantee you are about to become a victim, so you better back off. You can also use a helpful online tool called Redirect Detective to avoid such unfortunate situations.

Use credit and debit cards with care

A lot of us take this thing for granted. We rely so much on the security that our financial institution has to offer and so we simply forget the fact that this is one of the many reasons why most people around the world have fallen victim to attackers. Each card sure has a very secure way of protecting your data, but the moment you fall into an attacker’s trap, you’re in a dead-end.

Be sure to use your credit and debit cards with care. If you are to deal with a high-risk credit card processing website, for instance, be sure you’re not directed anywhere else. This is by far one of the favorite nesting places for scammers.

Don’t respond to unknown phone calls or emails with personal information

Email servers often dump such malicious emails to your spam folders so that they never reach your inbox, but a lot of attackers use advanced codes to bypass those security measures. Fortunately, there is a pattern being used by phishers and scammers to lure their victim into providing confidential information. The most commonly used method is winning something which you did not sign up for. Some would also tell you to upgrade your computer’s security system when you don’t have one.

The best way to deal with these type of emails, just go ahead and delete them and be sure not to respond or click on any links that come with it.

Watch out for wireless networks

Lastly, watch out of wireless networks. There is a big reason why many people fall for this trick, free internet! I mean, who doesn’t want that. Most free wireless networks would often ask for your mobile number along with your name; these are often found in public places like malls, airports, and shops. If you notice a free wireless network name in an unfamiliar place, the best practice is to ignore it.

Use official banking apps

Using a browser to check your financial transactions when you are on your mobile is a bummer when you know you can use applications that work way faster than your phone’s browser. Before falling into the trap of installing an unofficial banking app to steal your financial information, be sure to check reviews from you app source. Check the ratings, and always be vigilant when it comes to new applications.

Attackers often incorporate malware to those applications making your vulnerable to any attack. To ensure your safety, it is best to call your financial institution to confirm the app is indeed official. Otherwise, invest in advanced software to protect your phone’s data.

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Current Mortgage Rates for Thursday, March 2, 2017

Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s a decent bit of economic data out today, but first, your daily mortgage rate forecast/advice.

Where are mortgage rates going?

Mortgage Rates Down in Freddie Mac PMMS

The Freddie Mac Primary Mortgage Market Survey just got released and it’s showing that mortgage rates fell this week.

• The average rate on 30-year fixed rate mortgage dropped six basis points to 4.10% (0.5 points).
• The average rate on a 15-year fixed rate mortgage fell five basis points to 3.32% (0.5 points).
• The average rate on a 5-year adjustable rate mortgage slid two basis points to 3.14% (0.4 points).

Here is what chief economist at Freddie Mac Sean Becketti had to say this week about mortgage rates:

“The 10-year Treasury yield remained relatively flat this week, while the 30-year mortgage rate fell 6 basis points to 4.1 percent. Since the beginning of the year, the 10-year Treasury yield has covered a 22 basis point range. The range of movement for the 30-year has been half that, just 11 basis points.”

Click here to get today’s latest mortgage rates (Mar. 2, 2017).

One important thing to note here is that data for the survey is mostly collected on Monday and Tuesday, and would therefore not take into account the market spike late Tuesday and Wednesday. Economic reports are always lagging indicators, and in this case it doesn’t paint a completely accurate picture of the reality on the ground. If the current trend continues, mortgage rates should come in higher in next week’s PMMS.

Fed Continues to Signal for Rate Hike in March

Fed Governor Lael Brainard came out yesterday and joined her fellow Fed officials in propping up the rate hike chances for the March meeting. During a speech at Harvard University she said:

“Assuming continued progress, it will likely be appropriate soon to remove additional accommodation, continuing on a gradual path… We are closing in on full employment, inflation is moving gradually toward our target, foreign growth is on more solid footing and risks to the outlook are as close to balanced as they have been in some time.”

Her comments are notable as she’s been a leading proponent of keeping rates low. The fact that she’s switching gears is telling investors that change might certainly be looming closer. The Fed Fund futures shot up Tuesday, to around a 70% chance of a rate hike in March, and have since risen to 75.3%.

Click here to get today’s latest mortgage rates (Mar. 2, 2017).

The events this week have shown how quickly the tide can change, as the futures only gave March about a 30% chance on Monday. Unless some unforeseen event happens, or all upcoming economic reports are abysmal, it seems that the FOMC will raise the federal funds rate by a quarter percent to .75%-1.00% on March 15th.

What does this mean for me?

Mortgage rates are still at levels that are very low, historically speaking. It does seem as though a rally has been started this week, that could continue through the FOMC meeting on the 15th. Since that’s the case, I think it makes sense for borrowers to lock in a rate on a refinance or a purchase sooner rather than later.

Today’s economic data:

Jobless Claims Point to Strong Labor Market

Applications for U.S. unemployment benefits came in at 223,000 for the week of 2/25. That’s 19,000 below the previous reading and 17,000 below what economists had predicted. The four week moving average is now at 234,250.

Fedspeak

Cleveland Fed President Loretta Mester will speak this evening at 7:00pm.

Notable events this week:                                              

Monday:    

• Durable Goods Orders
• Fedspeak

Tuesday:     

• GDP
• International Trade in Goods
• S&P Corelogic Case-Shiller HPI
• Chicago PMI
• Consumer Confidence
• Fedspeak

Wednesday:   

• Personal Income and Outlays
• ISM Mfg Index
• EIA Petroleum Status Report
• Beige Book
• Fedspeak

Thursday:  

• Jobless Claims
• Fedspeak

Friday:  

• Fedspeak
• ISM Non Mfg Index

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

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Keep it Simple: 4 Effective Emails for Marketers

When you are thinking about email marketing you may confuse about inundate information all over the internet.

Here are some of tips that may help you create an effective email marketing campaign.

Welcome emails

A welcome email is the first friendly exchange between your business and new subscriber. One easy way to do that is to offer a quick “perks list” which tells subscribers why joining your email list was a great idea. Second create effective clean look and a clear call to action.

Newsletters

Newsletter is a great way to establish your brands personality and build  trustworthy relationship with your customer. Tell potential subscribers exactly what will be in the newsletter as well as how often they should expect to hear from you. Keep your design and copy minimal, because not everyone like to read all day.

Promotional and Discount Email

There are many benefits to using email as a promotional. Promotional emails are one of the simplest and effective marketing tool, which help you announce a new product, new deals and new discount.

Reengagement Campaigns

Sometimes your remain subscribed could be seriously hurting your email engagement rates, when putting you in danger of being flagged as Spam. The most successful re-engagement campaigns will typically re-activate about 10 percent of inactive subscribers. If some inactive subscribers still don’t respond at all, don’t be afraid and remove inactives from your list.

Author: Citirex Digital marketing

Originally posted 2016-10-28 16:10:38. Republished by Blog Post Promoter

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Selena Gomez’s Fort Worth Mansion is on the Market

This ex-Disney starlet is on the move.

Selena Gomez has put her Fort Worth, Texas home on the market for $2.999 million. She bought the home about two years ago to stay close to her Texas roots.

In true Texas form, this place is massive. It’s just a hair over 10,000 square feet, with 5 bedrooms, 7 bathrooms, and enough garage space for 8 cars. Its outdoor spaces are nothing to sneeze at, either. The 1.5 acre property comes equipped with a tennis and basketball court, a putting green, a saltwater pool, and an outdoor kitchen and cabana.

Take a peek inside below.

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Images courtesy Zillow

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Current Mortgage Rates for Wednesday, March 1, 2017

Welcome to the Total Mortgage Current Mortgage Rates Blog. There’s a decent bit of economic data out today, but first, your daily mortgage rate forecast/advice.

Where are mortgage rates going?

All eyes were on President Donald Trump last night as he went before a joint session of Congress last night for the first time.

Financial market participants were eagerly anticipating that he would dole out some details on his economic plans, tax overhaul, healthcare reform, and business deregulation strategy, but they were left waiting in vain, as Trump didn’t give any specifics.

Instead, he chose to double down on the optimistic rhetoric, speaking in vague terms about the above mentioned topics. Despite the lack of details, the speech was fairly well received, as Trump took a more diplomatic tone with his delivery.

Click here to get today’s latest mortgage rates (Mar. 1, 2017).

As it happened, Donald Trump wasn’t needed to kick the markets into gear. New York Fed President went on CNN yesterday evening and took it upon himself to bolster market sentiment about the March rate hike, stating that an increase in the federal funds rate seems “a lot more compelling.” He elaborated further:

“It seems to me that most of the data we’ve seen over the last couple months is very much consistent with the economy continuing to grow at an above-trend pace, job gains remain pretty sturdy, inflation has actually drifted up a little bit as energy prices have increased.”

Incredibly, these comments caused many investors to do an about face and rush into the pro-March camp. Prior to Dudley’s interview, the CME Group’s Fed Fund futures had the chances of a March rate hike at 35.4%. After the interview, it surged up to 70.9%! That’s a staggering increase, and it’s quite the change of circumstances from where we were just a few weeks back.

Click here to get today’s latest mortgage rates (Mar. 1, 2017).

All of this is putting upward pressure on mortgage rates. Whether or not this is a sustained rise is something that only time will tell.

What does this mean for me?

Mortgage rates are back on the rise. What you do right now depends on how much of an appetite for risk you have. If you have the time and the stomach for it, then by all means try and wait to see if you can get in on the next dip down. If that’s not something that you feel comfortable with, locking in a rate before rates continue to climb is a wise option. After all, mortgage rates are still at very low levels historically.

Today’s economic data:

Personal Income and Outlays

The PCE price index rose 0.4% in January, putting it at 1.9% year over year. That’s just a touch below the Fed’s target of 2.0%. As long as the data keeps coming in like this, March will continue to have a real chance at a rate adjustment.

ISM Mfg Index

The ISM manufacturing index rose 1.7 points to 57.7 in February. It’s a strong report, and it could mean good things to come for the U.S. factory sector.

EIA Petroleum Status Report

For the week of 2/24:

• Crude oil: 1.5 M barrels
• Gasoline: -0.5 M barrels
• Distillates: -0.9 M barrels

Beige Book

The Fed’s Beige Book, which contains anecdotal evidence about the state of the economy, will be released at 2:00pm today.

Fedspeak

• Dallas Fed President Robert Kaplan will speak today at 12:30pm.
• Fed Governor Lael Brainard will give a talk this evening at 6:00pm.

Notable events this week:                                              

Monday:    

• Durable Goods Orders
• Fedspeak

Tuesday:     

• GDP
• International Trade in Goods
• S&P Corelogic Case-Shiller HPI
• Chicago PMI
• Consumer Confidence
• Fedspeak

Wednesday:   

• Personal Income and Outlays
• ISM Mfg Index
• EIA Petroleum Status Report
• Beige Book
• Fedspeak

Thursday:  

• Jobless Claims
• Fedspeak

Friday:  

• Fedspeak
• ISM Non Mfg Index

Rates are still near record lows.  Contact us today to see if we can save you money on your home payments.

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