Refinancing – Financial stress is one of the two biggest stressors in a household. Refinancing is now making up 42% of all new mortgages being written. Of those 42%, 74% are cash-out refinances. So over 32% of ALL mortgages being done right now are cash-out refis.
“Gee Jeff, they must not have a low first mortgage rate like I do.” Wrong, they all do.
Here is why!
• Credit card debt has now hit 1.35 trillion dollars. Yes, that is with a T.
• Student loan defaults are at an 8-year high
• 35%-60% of households live paycheck to paycheck – that equals stress
• 51% of all households do not have 3 months in savings to cover expenses
• Many companies are asking people to work fewer hours = less income
My last client reduced their total monthly payments by $2,850 and accessed $150,000 from their home equity to renovate their property. They waited 11 months to call me. If they had started earlier, they might have been in a stronger savings position today.
Everyone’s situation is different—but starting the conversation early can make a big difference. Don’t be THAT person. It is time for Peace of Mind.
Life gets in the way. Don’t let your low rate put you in a position where you feel there is no way out of the pain and stress. Debt consolidate and start enjoying life with your family. Call me today at 855.MTG.HERO to set up a 10-minute consultation to see if you can achieve Peace of Mind. The call is free, your happiness is PRICELESS.
The Tariffs
There has been a lot of overreaction about the tariffs, especially from the market. Let me clear up a few things.
Over 50% of the tariffs on the 60 countries were Reciprocal Tariffs. Meaning, if they have a 35% tariff on US goods exported to them, they now have a 35% tariff on their goods coming to the US. The goal of these tariffs is to encourage balanced trade between countries.
In my opinion, many of these countries would prefer to keep trade open with America.
It’s possible that some may lower their tariffs as negotiations continue, which could support a more open trade environment.
Many of the remaining tariffs are on specific goods and items like steel, automobiles, aluminum, etc. The Prime Minister of Japan has already pledged $1 trillion in investment into the US. The number one aluminum smelter in the US is now building the first new smelter here in 50 years.
50 of the 60 countries named in the tariff discussion have already reached out to Commerce Secretary Howard Lutnick to set up meetings to negotiate the tariffs. Many nations previously had little incentive to adjust their trade policies, but current actions are driving change.
Let the dust settle over the next 90 days. In my view, this could bring long-term benefits to the US economy.
If you’re feeling the weight of financial uncertainty, let’s talk. Call me at 855.MTG.HERO to explore your options for more Peace of Mind.
