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Market Update: Rate Cuts & Refinance Demand Is Up

Release Date: 09/05/2024

Smart Mortgage Show with Bill Litton

Going through a divorce is incredibly emotional and it brings a lot of uncertainty, especially around housing. Trying to figure out what to do next about where to live is stressful. So what do you need to know if you’re trying to buy a home during or after a divorce? This is a highly sensitive time and we want to help you avoid the common pitfalls and financial surprises that can come with this transition. Here’s what we discuss in this episode: ⚖️ Legal risks of buying a home before your divorce is final 🏠 How property settlement agreements impact your mortgage approval 💡...

Most Common Mistakes People Make When Refinancing a Home

Smart Mortgage Show with Bill Litton

With interest rates fluctuating, many homeowners are considering refinancing, but it’s essential to approach this decision with caution. People often ask us about what they need to know so they can avoid making any mistakes during the process. From paying unnecessary points to chasing misleading online rate quotes, Bill walks through real-life examples and highlights the importance of doing the math before making a move. We’ll explain why it’s critical to understand the full cost-benefit picture and emphasize how working with a knowledgeable, transparent lender can make or break your...

How Tariffs Are Shaping Mortgage Rates This April

Smart Mortgage Show with Bill Litton

It’s time for a much-needed update on the mortgage market for April 2025. With ongoing uncertainties driven by tariffs, inflation, and market volatility, we’ll explain how these factors are impacting mortgage rates and what potential homebuyers and homeowners need to know. Here’s what we discuss in this episode: 🏡 Increased Inventory: More homes on the market this spring 💸 Tariff Impact: Potential price increases in construction and materials 🛠️ Creative Financing: Temporary buy-downs and ARMs to manage costs 📆 Looking Ahead: Possible rate reductions by end of 2025 if...

Is a Lender Credit Worth the Higher Interest Rate?

Smart Mortgage Show with Bill Litton

Is a lender credit a smart way to save money on your mortgage, or does it cost you more in the long run? In this episode, Bill explains how lender credits work, when they make sense, and when you should avoid them. A lender credit can help cover closing costs, but it comes with a trade-off: a higher interest rate. Bill shares real-life scenarios, including a client who saved $10,000 upfront while only paying an extra $200 per month. He also breaks down who qualifies for lender credits, how loan size, credit score, and financial goals impact your decision, and whether you can refinance after...

Moving to a City for 5 Years: Should I Rent or Buy?

Smart Mortgage Show with Bill Litton

The decision to rent or buy gets tougher as your time horizon gets shorter. At what point does the pendulum swing from buy to rent? Today we’re going to talk about a specific scenario where someone plans to move to a new city for five years. Would they be better off renting or buying? Bill breaks down the key factors and runs the math to help answer that question. Here’s what we discuss in this episode: 🏡 Rent vs. Buy? – How to decide what’s best for your financial future 📉 Mortgage Rates & Affordability – Why buying isn’t always the best option 💰 Short-Term vs....

Strategies for Handling Debt Between Homes

Smart Mortgage Show with Bill Litton

If you're selling a home and planning to use your equity to pay off debt before buying a new home, what’s the best way to handle the transition? In this episode, we’re going to look at the two common scenarios where home sellers need to pay off debt—either by necessity to qualify for a mortgage or by choice to improve their financial situation – and then talk about the options your mortgage lender might provide. Here’s what we discuss in this episode: 🏡 Selling & buying? How to handle debt payoff between transactions 💳 What debt should you pay first? The smartest...

March Market Update – Uncertainty & Mortgage Rates

Smart Mortgage Show with Bill Litton

Uncertainty is the theme of the month as mortgage rates, economic policies, and market conditions continue to shift. In this episode, Bill provides a timely March market update, breaking down how recent policy changes, employment trends, and inflation rates are shaping the mortgage industry. Here are some key takeaways from the show: 📉 Mortgage rates dropping? Why the trend looks positive for buyers 🏠 Housing inventory & unemployment: How job cuts affect the real estate market 📊 The Fed & inflation: What’s next for interest rates? 💡 Practical strategies: Positioning...

Overrated, Underrated or Rightly Rated in Homebuying

Smart Mortgage Show with Bill Litton

In this video, we’re going to play lively game of "Overrated, Underrated, or Rightly Rated?" with Bill Litton, regional president at Cross Country Mortgage. Join us as we tackle key concepts that every potential homebuyer should understand. This episode explores various aspects of homebuying, from credit scores to pre-qualifications, real estate agents, and more. Bill shares his insights on what truly matters in the mortgage process, helping you navigate the complexities of home buying with confidence. Here’s what we discuss in this episode: 0:00 – Intro 0:53 – High credit score 2:19...

What to Know When Applying for a Joint Mortgage?

Smart Mortgage Show with Bill Litton

When it comes to buying a home, many couples assume that applying for a mortgage together is the best route to take. While that might be true for some, some couples are better off going the individual route. Today we’ll take you through the key pillars of a mortgage loan and explain how they’re evaluated in a joint application. Here’s what we discuss in this episode: 0:00 – Intro 1:40 – Credit score 4:15 – Income 6:05 – Debt 7:33 – When joint applications make sense 8:37 – How we help CONTACT: Schedule a time to meet with Bill here: Visit the Smart Mortgage Show...

Should You Disclose Everything During the Pre-Approval Process?

Smart Mortgage Show with Bill Litton

For many prospective homebuyers, the path to homeownership begins with securing a pre-approval, which not only indicates how much you can borrow but also sets the stage for a smoother homebuying experience. Once you’ve been pre-approved, how much information do you need to share with your lender before the closing date arrives? Today we’re going to answer a question about disclosing a major life change and give you insight from the lender’s perspective. Here’s what we discuss in this episode: 0:00 – Intro 1:40 – Today’s question 3:18 – Big expenses before closing 5:50 – Will...

More Episodes

The mortgage market has been interesting to follow the past few months and September is no different with the upcoming Fed meeting on everyone’s calendar. Join us as we check in with Bill on what he’s watching in that meeting and why the comments from Chairman Powell might actually be more important. Will the meeting result in lower mortgage rates immediately and will this be different than the rate dip we saw in 2023?

Plus, refinancing is up dramatically year-over-year and we’ll talk about when it makes sense to start inquiring about a potential refinance on your own property. There’s a lot to cover this month and we’d love to hear from you in the comments if there’s something you’re interested in.

Here’s what we discuss in this episode:

0:00 – Intro

0:22 – Upcoming Fed meeting

4:38 – Rate outlook

6:24 – Refinance demand is up

CONTACT:

Schedule a time to meet with Bill here: https://calendly.com/blitton/

Visit the Smart Mortgage Show website for more podcasts, videos and mortgage info: https://smartmortgageshow.com/

Call: 484-352-4151.

Check us out on YouTube: https://bit.ly/3KbUxAF

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