Rates Cuts are Coming | The Fed Will Likely Cut Rates in September 2024
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- čas přidán 8. 09. 2024
- Preparing for rate cuts - Shaheedah Hill answers first time homebuyer questions LIVE
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This market will need more than just interest rate cuts. It needs price cuts, insurance rate cuts, property tax cuts. These endless money pits is not what buyers want to sign up for
Well said
To the person having second thoughts after inspection, go with your gut. I had the same feeling the day of inspection and went ahead anyway and I regretted it because it was not what I wanted. After being rejected so many times you started feeling desperate and you start to overlook things. Good luck!
@carolhenny2790 Thanks for watching and sharing
@@carolhenny2790 I read this incorrectly 1st time.
Were you in a time frame to move?
Please share why you were
“rejected so many times”.
Thank you
@@ElleBrOw I was outbid by Cash Buyers. I had to go in way above my budget and there were hidden non-disclosed issues such as flooding when it rains because there were no drains, and someone had died in the house which was revealed on inspection day. I felt trapped because I signed off on the contingency on the Condo I sold, so if I backed out of the house I wouldn’t have a home. I knew something didn’t feel right when they accepted my offer, which is why I say go with your gut.
@@carolhenny2790 Testimonies save lives 🙏🏽
Thank you for sharing your experience. I trust when this see saw market changes from the haves to the have nots (said in the best way) you will profit. Stay encouraged
@carolhenny2790 totally agree. It has to be and feel right.
I was pre-approved and offer is put in. I’ve been following you the ENTIRE process, you are a GEM! My realtor thought I had a license because I quote a lot of facts from your channel lol. The lender is currently “floating” my rate at 7.7% I’m hoping that by the time our appraisal is done we’re at a lower interest rate. Huge THANK YOU for currently getting us OVER THE HILL!❤
Thank you for bringing me along on your journey and best of luck with the appraisal. You got this😊
I would’ve waited till later in the year to see if the interest rates would drop lower.
It would be more beneficial if home prices fell first. Prices are still too high.
The only thing that would have home prices fall is demand. If the demand is low, sellers will lower their prices. @carrebanks5890 Thank you for watching
When the rates go down prices of homes will GO UP ⬆️ lol 😂
@@rvandoom
🗣️ thank you.
Maybe it’s just me, even tho I’m under contract I’m still “looking”, but from where I sit prices are trending upwards. If you’re prepared to purchase just go ahead & bust a move.
@ElleBrOw Prices are already inflated, if it goes higher wouldn't it cause the same issues as a higher interest rate?
@@frozenpride8713 responding to “prices already inflated” -perhaps search outside your targeted area. Don’t negate relocation as an option. I’m in the northeast where it’s less expensive to purchase elsewhere than renting here.
𝑷𝒓𝒊𝒄𝒆 is the sum of a mortgage within your budget. Stay encouraged.
I love these lives!! Mrs. Hill makes me happy that I'm in this field because she is so transparent and like myself want the best for ALL parties involved. Great stuff!
Honestly, how many people are going to be able to take advantage of the rate cuts ?
In a survey, most buyers on the sidelines said they would get back in the market if rates fell to 5.5%, we are not that far off. @adamjam9541 Thank you for watching
I just want to congratulate you for your great job. Keep up the good work.
Thank you very much, I really appreciate you!
Good eve I’ve made it to the
𝒃𝒂𝒏𝒌 𝒂𝒑𝒑𝒓𝒂𝒊𝒔𝒂𝒍
step. Stay tuned 🙋🏽♀️
My contract just arrived. Sooooo with all the down payment assistance rant I actually qualified for a conventional loan bc of stellar credit. I’m coming out my pocket with a bit more than expected 🙄 I have it but was trying my best to get around it. However the interest rate locked at 6.25 with NO increase over 30 yrs.
Praise God first & foremost 🙏🏽
I overlooked an 𝒊𝒎𝒑𝒐𝒓𝒕𝒂𝒏𝒕 email from lender which was sent moments before my contract docs.
The lender has applied for down payment assistance however it takes nearly 30 days. He will continually monitor the submission. My closing is Aug 23. HOWEVER with the pending DPA I won’t bring a dime to closing✅
Good day ✨
May I please request a topic of discussion?
Buyers are beginning to notice an
𝒂𝒔𝒔𝒖𝒎𝒂𝒃𝒍𝒆 𝒎𝒐𝒓𝒕𝒈𝒂𝒈𝒆
option. Whereas the buyer has option to purchase property with the sellers 𝒍𝒐𝒘𝒆𝒓 𝒊𝒏𝒓𝒆𝒓𝒆𝒔𝒕 𝒓𝒂𝒕𝒆. The rate is provided & the 𝒑𝒐𝒔𝒔𝒊𝒃𝒍𝒆 mortgage amount is shown. Of course at todays rate-that mortgage could be anywhere from a
$400 savings.
The moment I saw this I thought of asking you🙋🏽♀️
Thank you for your consideration
You know I got you😊 czcams.com/video/FBs7_RwW2hk/video.html
@@ShaheedahHill
I should’ve known you were up on it✅ Thank you. I am listening to the video & scrolling the comments, questions & your answers for insight.
Have a fantastic day
Why some sellers don't want to help with closing cost?
Because they will make less money. They will do it if they need to, in order to get their home sold.
I listened today! Great content!!
Awesome! Thank you!
Do you have a video on repairing your credit to get approved for a mortgage? Example do you pay all your collections off? Do you do credit counseling? Can you dispute and still get a mortgage. In researching, there are so many different opinions. Basically, can I hire you as advisement through the process? Haha
I’m holding out 2025 it’s going to get really low (I hope)
More competition/ bidding war make sure you have a good down-payment. When interest rates go down prices go up.
@debbiesmith7723 Thank you for watching, buy when you can comfortably afford to do so.
@@uniquexglamllc3022 thank you so much I been saving
So glad I went with my gut and bought this year. I got a good rate and I’m free
Good information and well explained
@goodhandshandyman Thank you for watching
I wish they go ahead so my mortgage can go down 😂
Too late for most of us. Housing has increased by double digits since 2020.
Here in Vegas - you’re right about prices doubling in four years.
@cathyg1099 Thank you for watching
Can you make a video and explain about Mac’s program please
Freddie Mac? Please be more specific. I may already have a video for you.
Unemployment HAS to increase in order for any significant rate cuts to happen. They don't just cut rates with inflation the way it is. Until unemployment starts we can't predict rate cuts.
@htownqueen663 Thank you for watching
Did they not say they were cutting down rates 3 times this year?
Also if you already have a house can you refinance and switch from conventional to fha? Wondering since the rates are typically lower with fha…
Yes, they still technically could do that, they meet in Sept. Nov. and Dec. However, they may want to more gradual rate cuts so they do not increase demand and have inflation rise again. Yes, you can switch from Conventiona to FHA. You would have to run the numbers and see what makes the most sense. Ask for loan estimates from the lenders when you do a refi application. @marielaserrano5733 Thank you for watching
Amazing video. If I am going to use a Mortgage Broker, do I need to still shop around for the best Lender? to see if I can get a better rate
Hi. Does only putting 3% down cause your interest rate to be higher
Sometimes but usually it is not that significant. If you are usuing FHA, then rates will be lower anyway and if you a doing home ready or home possible conventional rates and PMI is usually more favorable. @MegaDnw Thanks for watching!
Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
Thanks
@Glamorllc Thank you for watching
Would August 2025 be a good time to buy, what do you think rates will look like then?
Not sure but the guess it that they will trend lower, but home prices may go higher as demand increases. @melouellette251 Thank you for watching
Can you shed some lights on recasting the mortgage? I have never heard about it before , but found some information on it. They say it's the same thing as refinancing, but you would have to put money down and it would be based on your current balance. How accurate is this?
What you are reading is correct but it only happens if you pay a lot towards the balance of your loan and you interest rate will not change, so you have to see what makes the most sense a refinance or a recast?
@@ShaheedahHill Understood. Thanks for the info.
Can you share a website that provides up to date houses for sale in the DMV?
@247iamtam Thank you for watching Realtor.com is usually accurate
Would it be worth refinancing if I'm currently at 6.25%
No, not at this time, keep watching rates and prepare - watch this video: 🚩MY REFINANCE VIDEO: czcams.com/video/NNbypXxjHh4/video.html
What about VA rates for this year?
I think they just back the loan. Not decide rates.
VA rates will go down all mortgage types go down.
Hi. Question, my house is 25 years old. Everything is original and need to be replaced. My spouse is the only one working and doesn't want a loan to make repairs. Are you aware of any programs or loans with low rates that we may be able to consider? Mia F.
You can probably do a home equity loan or line of credit, but if your spouse is the only one working they may not be comfortable taking on more debt. Maybe you can find a business to start at home to cover some of the repair costs or pay the loan?
What do you think the interest rates will fall to?
If they cut rates in September I think FHA rates could be in the high 5s
Is it around $20 less per $1000 you put for a down payment
I have been renting a condo for 21 years now the owner want to sell im here in ca it is so expensive right now i thoughts about buying this condo because rent is very expensive but the prices to buy is high and rent is also high should i still try to buy this condo the last time this condo was appraise was last year it was 474000 i only pay 1500 in rent it a 2bd 2.5 bathroom with a garage
I have a question now. The interest rates are starting to go down hopefully in September I have a new realtor and it seems like to me that she wants me to overbid on a house and if the rate are going down, do you think I should just offer what they are asking for or over bid ?
It really depends on the situation and the competition.
I literally just closed on 8/2. My rate is 7.15% conventional. How soon can I refinance if the rates drop to 5-6% ?
If you try to refinance with your current lender, they usually make you wait 6 months, but you can refi with another lender as long as the deed is recorded. @kunique9805 Thank you for watching
Should I pay off my car loan it’s under 5,000?
Depends on what you are trying to achieve...
Good afternoon
Hi Ms Hill am living in a lease to own house, which we planning to buy, we planning to use FHA loan, how to start the buying process?
Get pre-apporved, start with a credit union, online option and if you used an agent during the search for the lease to own ask them for a recommendation.
They’ve been trying to bully that man to cut rates for sometime. Based on predictions it seems rate will drop atleast once this year and multiple times next year
@mssha1980 Thank you for watching
To refinance, do I go directly to the e lender that currently has my loan? Or am I shopping around?
Both.
Shop around, this is the time to check with current lender, credit union and look online.
What is a better credit scor
?
620 or higher will be enough to qualify for a mortgage, 720-760 or higher will be enough to get the best rates.
Iam been waiting for answers since February this yr for USDA never thought it would take so long they haven't even sent me any kind of info it's now August iam in south Carolina I know I heard they had no funds but shouldn't they let me know something what should I do
Are you doing USDA Direct? Just contact your local USDA office, you can also visit in person - call first to make sure you will be seen. If you are doing USDA guaranteed loan, they are not out of funds. Make sure you are using a lender that is familiar with USDA loans and has closed some recently and think of applying again with them. @brendacrawford303 Thank you for watching
@@ShaheedahHill USDA 502 direct but they only called me one time since February just to say no funds and we are working on it talking to someone is so hard and with rent 1300 it's taking all my savings and they told me when I applied and with so much going on here they had emergency funds calling the packer she was so rude she told me to stop asking so many questions and to call main office I reported her because when she did my application she said I could call her anytime I wanted to know what was going on
Hi is this a good time to refinance?
It depends on your current rate, here is my video on when to refinance: 🚩MY REFINANCE VIDEO: czcams.com/video/NNbypXxjHh4/video.html
Will we ever see 3% interest again?
Not in my lifetime. I’m 54. I say this because our CEO has been in real estate for 56 years and he only saw rates drop to 3% once.
The next pandemic, world crisis... they drop rates when they need to incentivize people to spend money. However, if you look at historic mortgage rates, rates were in the 3s prior to the pandemic. October 2019 rates were 3.75. I bought my home in July 2016 and my rate was 3.25% They fropped to the 2s during the pandemic. www.mortgagenewsdaily.com/mortgage-rates/mnd#historic-mortgage-rates
Can you ever get a refund on the MIP/PMI?
No you can't. But the mortgage insurance is a percentage of your loan balance so it decreases as you pay off your loan.
Will home pricing come down?
Probably not, only if demand slows and/or supply increases. If more people decide to sell when rates go down then it may provide more opportunities for buyers.
@@ShaheedahHill you are amazing and such a beautiful blessing. I am currently in the loan approval process, I turn to your videos for help!! Keep helping the community. Stay Blessed!!
Hey there
@luckyguys7 Thank you for watching
What state does Ms.Shaheedah work in
Georgia 😊
What type of loan would be best for me to look at . I am a 1st time buyer and I am 28 yr.old my score is 735. My only debt is my car. note . Please advise .
You would likely qualify for FHA, Conventional and USDA. It depends on how much you want to put down and where you would like to move. Here is a video that explains all the loan types: czcams.com/video/MaCzppNNG1U/video.html
NACA call NACA
Girl stop the 🧢
SHE SAIDDD-_THEY MIGHT 🐝 N THE HIGH(5)Z' 💯❤️🔥✅️🫡
@YasirBrown-xd9mh Thank you for watching
@@ShaheedahHill KEEP CREATING GREATNESS!!!