Jeff Farnham of JTS & Co.
Mortgage Professionals encourages you to put your money to good use if you're lucky enough to receive a tax refund.
Don't spend your money on frivolous things but rather use it , for instance, to create an emergency fund, or pay down high-interest debts, or pay a lump sum on your mortgage loan, or refinance to make home improvements.
Think about your personal goals and financial situation to determine your needs.
Good morning, i'm jeff farnham cg: housing market update 1.
There was a 5% increase in a weekly measure of mortgage application volume in recent weeks.
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This caused the mortgage bankers association's composite market index to reach its highest level since may of 2013.
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The gain was driven by a surge in refinance activity, resulting in the refinance index moving up to 15% from the previous week.
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Average 15 and 30-year fixed rates are in a very good place right now and it could be extremely beneficial to give us a call to see if a refinance make sense.
ááááááááááááááááááááááááááááá ááááááááááá cg: tax refund 5.
Some of you may be lucky enough to have already received your tax refund.
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If you've already received it or are expecting a refund this year, you need to have a good plan for your money.
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Don't allow your refund to burn a hole in your pocket on frivolous things, give your money a purpose.
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Think about your personal goals and financial situation and determine your needs.
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Several financial priorities you may want to consider are: 10.
To start or increase an emergency fund.
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Without an emergency fund, just one surprise major expense can send you on a debt spiral.
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Unexpected medical expenses, car repair, or something more severe could catch you in a situation where an emergency fund would save you a lot of stress and undo damage to your credit.
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Pay down high- interest debts such as title loans, debt consolidation loans, credit card debt, or even student loans.
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The more of these you can pay off, the better your debt-to- income ratios will look.
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Pay a lump sum towards the principal on your mortgage loan.
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Making additional payments on the principal balance of your loan could possibly have you paying off your mortgage 3-5 years earlier than expected, or maybe even sooner.
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Refinance your mortgage or make home improvements.
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When you refinance your mortgage, you must still pay closing cost.
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Use your tax refund to pay the closing cost and save thousands of dollars on interest, lower your monthly payments, or shorten the term of the loan.
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If you're happy with your mortgage rate and terms, take a look around the house.
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Do you need a new roof?
Is your kitchen or bathroom outdated?
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Maybe new energy-efficient appliances could lower your utility bills.
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Home improvement projects can immediately increase the value of your home.
ááááááááááááááááááááááááááááá ááááááááááááááá 24.
If you're not getting a tax refund this year, don't worry, you may still have options by using the equity in your home to do a cash- out refinance.
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And we have options, so you don't have to necessarily restart or move backwards with a new 30, 20, or even 15-year loan.
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There's a way to move forward with refinancing into a new loan without restarting the term.
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It's called flex term refinancing.
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This can help manage both budget and timeline, potentially saving hundreds or thousands over the life of the loan.
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For example, if you have 27 years left on the term of your current loan and don't want to refinance to another 30.
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We can simply set your amortization to 27 years, or a shorter term may be just what you need.
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We will look at your financial situation and your goals and determine if the flex term refi fits your needs.
ááááááááááááááááááááááááááááá ááááááááááááááá cg: local is best!
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Working with a local lender like jts & co.
Is always best.
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We want to be your lifetime mortgage advisor.
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If you're in the market to purchase, refinance, renovate or build a home, it's important to remember that jts & co.
Is here to help you.
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We are local.
Trusted.
And experienced and we care about your home buying experience.
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And that's why we make homeownership easy.
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Remember, there's more to a mortgage than just pushing a button.
Thank you for joining me today, be sure to tune in next