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October 1, 2020

Lending Spotlight with Matt Ferree

News flash- the current Nashville real estate market is hot. A big piece of what is driving that,
outside of our incredible city, are the current interest rates available to prospective home buyers. There
are many people relocating from more expensive cities, people trying to buy larger houses, and people
on the other side trying to downsize and simplify their lives with a smaller home with less maintenance.
In any of these scenarios, unless the buyer is going to pay cash for a house, a need for financing exists.
Now more than even it is important for byers, or sellers who are going to sell then buy, to get their
financing in order prior to listing their house or trying to navigate the Nashville real estate market.
Financing first- then the fun part can happen of finding and buying a house. I recommend people start
the pre-approval process at least a few weeks prior to them being out in the market making offers on
houses. Nice, correctly- priced homes, are selling very fast and buyers need to make sure they are ready
to move quickly when they find the right one.

We are also seeing a lot of individuals take advantage of the low interest rates to refinance their
current mortgages. We have been doing a lot of consolidating first and second (HELOC) mortgages into
one, new mortgage. People are taking equity out of their house in the form of a cash-out refinance to
pay down debt, complete renovations or improvements to their homes, or to build up an emergency or
college fund. Whether you are considering making a move to a new home, buying a home for the first
time, or want to look and see if a refinance makes sense for you, connect with a lender you trust to help
advise you. It will be well worth the little time and energy you put in for the payoff you
could get.

Matt Ferree – VP Mortgage Lending Guaranteed Rate

 

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