Here’s my full interview with Brian Prahl of Palmetto Mortgage Group.
This week we’re speaking with Brian Prahl, regional president of Palmetto Mortgage group. But first, I wanted to remind you all of the client appreciation event coming up on September 25, the Gamecock football game. If you haven’t gotten an email about this event, reach out to us, and we can get you set up.
Now let’s ask Brian a few common FAQs about the mortgage business:
What’s going on in the business right now?
As a lot of people know, the market is really hot right now. A lot of agents (not the Downing Team, though) are getting tired, but for us, it’s awesome. Home value increases have created a lot of opportunities on the buying, selling, and refinancing side. A lot of people who bought in the last two or three years are able to refinance, something which is not typical.
Let’s clarify how refinancing can remove mortgage insurance.
If you put less than 20% down when you bought your home, now is a great time to refinance because that process can remove your mortgage insurance and save you a ton of money. This is an option because of how quickly home prices have increased. It’s worth looking into because even if the refinance can’t put you above 20%, it can still potentially remove the mortgage insurance. Not to mention, rates are way lower.
Speaking of rates, what is the outlook for rates in the future?
I can guarantee one of three things: they go up, they go down, or they stay the same. But more seriously, the delta variant of COVID is kicking back up a little bit, and most experts we follow predict a recession sometime in the future. It could be in a year or a few months. Recessions tend to bring with them even lower rates, so some people are saying they might go down even more.
But that’s just a prediction. We are at all-time lows right now which means it’s a great time to buy a home, refinance, make home improvements, or even buy investment property and lock in those lower rates going forward.
There’s a lot of information Brian shared in this interview, but if you ever have any questions or are confused, just call him up at Palmetto Mortgage Group and ask him directly. If we can help you with buying, selling, or the value of your home, feel free to give us a call as well. We’d be glad to help you any way we can, and remember, clients and past clients, we have the appreciation event, the Gamecock game, coming up on the 25th of September!