Mortgage rates Explained with Michael Fawver

In this episode, we are joined by Sr. Mortgage Advisor Michael Fawver. He explains why it is still an excellent time to buy a home, even though interest rates have skyrocketed since the beginning of the year. He explains why it is still an excellent time to buy a home, even though interest rates have skyrocketed since the beginning of the year. He also discusses the market for investors looking to enter the commercial market. Tune in today to get some great tips for navigating today’s market. 

IN THIS EPISODE:

• [6:59] Mike Fawver gives an introduction about himself and the mortgage industry. 
• [7:40] What are the reasons for interest rates skyrocketing? 
• [9:52] Are the listing costs of houses starting to go down? 
• [11:13] What do rates look like on commercial real estate? 
• [13:33] Is now a good time to buy an apartment building because rent is also rising? 
• [14:33] What is a qualified assumption? 
• [16:40] How does it look for self-employed people with an income that ebbs and flows? 
• [18:15] What options are available to entrepreneurs for home loans? 
• [21:45] How are home equality loans affected by the interest rates?
• [28:40] What is a reverse mortgage? 

KEY TAKEAWAYS:

• General consensus is that rates will continue to rise through the end of 2022 but should start to level out and go down in 2023. 
• If you are planning to sell a house in 10 years, your probably going to get great deals right now; rates are going to go down so that you can refinance and lower your payments.
• There are many options available for getting a loan; make sure to find a professional who can help you look at everything.    

BIO:

Michael Fawver, a 30+ year veteran of the mortgage business, currently serves as the Director of Branch Production as well as Senior Loan Officer for American Pacific Mortgage’s Preferred Rate Division. In this role Mike mentors Loan Originators through the entire mortgage cycle from pre-qualification of the client through closing and beyond.

In addition to bolstering the originators on his team, Mike also works with his local real estate community by providing training on market conditions and products as well as co-marketing and working hand in hand with real estate agents to ensure that home purchasers are well informed and comfortable in making their major purchase.

Mike is quite adept in providing financial planning for consumers as it relates to home financing including, but not limited to, savings, college funds, move-up borrowers, investment property/second homes as well as cost analysis regarding renting vs. owning. He will listen and set up long-term goals/plans tailored to each individual’s specific needs.

Mike considers himself truly fortunate to work in the mortgage field, an industry he loves. He is also enthusiastic about various humanitarian organizations including Boys & Girls Club, Pathways to Independence, and Food Finders – an organization dedicated to feeding hungry children in his local area.

When not assisting in making financial dreams come true or aiding in charitable events, Mike enjoys golf and outdoor time with his wife, Susan, six children, multiple grandchildren, and his favorite dog, Lucky.