It was an honor being invited onto the podcast with the #1 Mortgage Lender in the country, UWM.
Podcast: United Wholesale Mortgage – Be A Mortgage Broker
Our company wouldn’t be able to grow without the amazing support from NEXA, my wife Thao, and our fantastic team!
And none of that would be possible if I hadn’t joined the Mortgage Broker channel a few years back. Being a Broker, we’re able to confidently help clients save – on average over $10k per transaction and even more to minorities (click here)
Being able to run things our way has allowed us to do what’s best for our clients and Realtor partners.
Since we’ve been able to build it our way, we’ve been able to join an amazing group of mortgage experts that make up the best Mortgage Team in the country.
You can catch the full episode here:
Be A Mortgage Broker – Derek McGowan – The Freedom to Grow!
United Wholesale Mortgage – Awards
| Top 1% |
| Awarded exclusively to the top 1% producing loan officers in our UWM network. |
| Top 20 Purchase Loan Officer in the State |
| Awarded to the 20 loan officers in each state with the most purchase closings through UWM.But please keep in mind, our team and our licensing are coast-to-coast. |
| PRO Elite |
| Awarded exclusively to those who rank among the best of the best. |
Absolutely honored to see our team’s hard work from 2024 still bringing in well-deserved accolades.
We are blessed to have the best group of people and mortgage experts that make up the McGowan Mortgage Team. Couldn’t do what we do without you! We have the best clients and Realtor partners, who drive us to be our best each day.
Your trust is the highest honor and something we don’t take lightly.
We’re excited to grow to higher heights and be an even better version of the amazing mortgage team the amazing mortgage team that blossomed in 2024!
Tax Season is Here – How to Prepare
Tax season = opportunity! 💰
Many people could use their refund as a down payment on your dream home 🏡
Self-employed? Let’s plan your taxes to maximize your buying power!
Calculating the Cost of Waiting
Mortgage Rates have been elevated since the beginning of 2022, which has had many Buyers waiting for Rates to drop before purchasing their new home.
Today, we break that down
- Let’s take a purchase price of $400k for today’s example
- If waiting for rates to drop 1%, that would get you a $263/month lower payment
- So if you were to purchase now, before Rates drop, then over the next 12 months it would result in ($256 x 12 mo) $3,156 more in total payments
- However, if you wait for rates to drop by 1% in the next year, after waiting 12 months, the average home value will have increased by 4-5% – this would be $16k – $20k more you’d have to pay for that same house this time next year.
- Even if it were to cost a couple grand to Refinance, you still are way ahead by getting the best deal on the house, as that can’t be renegotiated, then Refinance into a lower rate with today’s better price and give yourself the best of both worlds.
Helping Save Deals and Close Quickly for Many Families!
We were very fortunate to be able to help save a flurry of deals for many families around the holiday time. There were 7 homeowners that reached out for help to save their deals after other lenders had various issues.
The team here at McGowan Mortgages kicked it in gear and made sure to keep the original closing date intact, even though each of these 7 contracts only had 1-2 weeks, with holidays in the middle, once we got the call that the deals needed saving.
If you need to save your financing or close quickly, don’t hesitate to reach out!
The Fed has pulled back from their initially aggressive outlook on Rate Cuts. This is because they aren’t fully confident that Inflation is fixed.
The Fed’s favorite measure on inflation is the Consumer Price Index (CPI) report.
The Fed’s target is for CPI to get back to 2%, which means 2% yearly inflation – that is considered ‘normal’ for price increases.
You can see we’ve made great progress from 7% down to 3%, but there’s been a stubborn stall – this is why the Fed is concerned about continuing to cut rates too quickly, as it could spark up Inflation again if we aren’t over the hump.
However, when we look a little closer at the CPI numbers, we can see progress is still headed in the right direction and each month we’re moving closer towards the 2% CPI goal.
Some Fed members have spoken up that they think if we keep seeing inflation head in the right direction, they could see Rate Cuts the first half of 2025.
Right now, the market is assuming the next Fed rate cut won’t be until July 2025, so if the Fed does in-fact cut Rates sooner, then because this would be a surprise to the Mortgage Market, a Fed rate cut earlier than July could help push Mortgage Rates lower!
As of December the Fed as a whole projected only 2 Fed Rate Cuts in 2025, which was a big pull back from earlier projections in 2024.
Now some Fed members are speaking up, thinking there could be 3-4 Rate Cuts in 2025.
The Fed would only cut Rates sooner than expected if they felt confident that inflation was under control – and that is exactly what Mortgage Rates are waiting for to drop.
This is something we’ll keep monitoring closely and keep you updated on!
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