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Buying and Selling Season has Arrived!

With mortgage rates forecasted to dip in 2024, there is potential for a boom in buying and selling, as well as room for potential refinance opportunities for homeowners. 

After its meeting in March this year, the Federal Open Market Committee (FOMC) voted unanimously to leave the benchmark federal fund rates unchanged. The federal funds rate is the overnight borrowing rate for commercial banks and credit unions – indirectly influencing mortgage rates. This vote marks the fifth consecutive meeting to maintain its steady policy rate between 5.25 percent and 5.5 percent. For all your homeownership needs, here are some opportunities you can take advantage of when using Carrington Mortgage Services, LLC! 

Buying and Selling Under One Roof 

The process of buying or selling a home can be daunting, regardless of whether it’s your first time or you're a seasoned veteran in real estate. We want to help! 

Introducing Vylla Home, part of our family of companies. By offering all aspects of homeownership under one roof, we make the process as seamless as possible. Vylla Home offers a full-service model nationwide that provides a progressive approach to the real estate process, all while creating an incredible experience for you.   

Refinancing Opportunities with Carrington 

Refinancing is replacing your current loan by paying it off with a new loan, and there are many reasons to consider refinancing. Before you do so, it is important to decide if the benefits outweigh the cost of the new loan. In particular, take a look at current rates, your current financial needs and the fees associated with refinancing. With some due diligence, refinancing can be beneficial for: 

  1. Consolidating Debt: You might find that over the years you have acquired several debts. You may now have a mortgage, a car payment, credit card debt and possibly a personal loan. It may be easier to pay off these multiple debts and only have one payment each month. Consolidating debt can help you get organized and possibly get a better rate, because unsecured debt often carries a high interest rate when compared to a mortgage. 
  2. Refinancing: Rates are ever-changing, but even if rates have not gone down, perhaps your credit score has improved and you can qualify for a better rate. If you want to maximize your savings, consider refinancing at the lower rate with your current loan term, meaning you are not adding years onto your loan’s term. In some circumstances, you might think about refinancing with a longer term even though the rates have not gone down. This can help you lower your payments and lighten your financial burden at the present time.
  3. Getting Cash Out: Need home improvements? How about college tuition to pay? If so, a cash-out refinance might be the right fit for you. Cash-out refinances offer the ability to access the equity in your home and use the cash for other purposes. For example, if you owe $100,000 on a home that is worth $250,000, you could do a cash-out refinance and get $50,000 in cash. Your current mortgage would then be replaced with a new mortgage of $150,000. Borrowers most commonly use cash-out refinances for nonstructural improvements to their homes, such as updating bathrooms or renovating the kitchen. Other popular uses might be buying a car, paying college tuition or any other large expense.

If any of these situations speak to your needs, refinancing could be a great decision. To get started, you can visit our website.