After Monday’s mid-podcast tantrum, Barry is back talking to his best buddy Zach about mortgages, real estate, economics, and anything else that suits their fancy.

Tip for anyone communicating with Zach and the English language in general: Don’t use the word “literally” unless you mean it.

Correct use of literally: “Barry and Zach are literally recording the Townstone Financial Show at their studio located in the City of Chicago.”

Incorrect use of literally: “I’m so tired that I could LITERALLY sleep for a year.” Or “That guitar solo LITERALLY melted my face off”

The guys also talk about the ongoing US Open (Zach talks, Barry rolls his eyes). Remember, FREE consultations available at townstone.com

Have a great rest of your week and happy Labor Day!

Barry STORMS out of the podcast because he doesn't want to hear about the difference between "literally" and "hyperbole". But if you can't handle the heat, get out of the podcast studio!

Compared to the 1968 Democratic National Convention, 2024 came and went without a hitch!

Regardless, Zach was out of town because he hates traffic!

A FED rate cut in September seems like a foregone conclusion at this point, so it can only have a negative impact on mortgage rates if they don't follow through.

The US Open starts today and Zach will be watching his favorites: Djokovic and Alcaraz (sorry Americans, we haven't been at the top of global tennis since the days of Sampras and Agassi)

As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

AND Barry and Zach are LIVE again!!!

The Olympics came to a close this weekend with Team U.S.A dominating the total medal count! That closing ceremony and subsequent “handoff” to L.A. was interesting to say the least…

Mortgage rates are back in the news as the 10-Year Treasury Yield has held below 4% for the last 2 weeks or so. CME FedWatch is predicting that the Federal Reserve will ease rates at their September meeting next month, but by how much? Looking ahead to the end of the year, we’re seeing predictions for everything from 3.75%-4.75%.

Remember though, MORTGAGE RATES ARE NOT CONTROLLED BY THE FED! Current mortgage rates already reflect the market expectations of future Federal Reserve cuts. That means that mortgage rates won’t change if the FED does everything the market already expects, mortgage rates are more likely to change if the FED (or other current events) go against the predictions that are already built-in to the market.

There is still time to get prequalified and into a home before the leaves start to fall. We offer free consultations so you can be confident in your eligibility for a mortgage, compare buying vs. renting, or if it’s worthwhile to take advantage of current rates to refinance.

As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

It’s finally happened! The US 10-Year Treasury Yield has dropped below 4%! This is exactly what Zach and Barry have been telling our audience for months.

Did you purchase or refinance between October-December 2023? NOW is the time to reach out to Barry or Zach (or fill out a FREE consultation request at Townstone.com) to see about refinancing to a lower rate so you can save money and interest! Refinancing can significantly reduce your monthly payments and the total interest paid over the life of your loan. Why pay more when you can pay less? Trick question! You shouldn’t!

In unrelated news, guess whose air conditioning went out yesterday during one of the hottest and most-humid days of the year? If you guessed “Zach”, you win a pat on the back from yourself. After 2 hours of troubleshooting, turns out it was the thermostat itself that went bad. Who’d imagine?

So tune in to the Townstone Financial Show this week (and EVERY week) for real estate insight, mortgage tips, and occasionally comedy!

Have a great rest of your week! Be sure to set up your FREE consultation at https://townstone.com/consultation-request/

Happy Monday! In today’s episode, Barry and Zach dive into a mix of financial insights and pop culture fun. First up, we break down what to expect from the upcoming July Federal Reserve meeting which starts tomorrow. The CME FedWatch isn’t expecting any change from the Fed until September, but we won’t know for sure until the announcement on Wednesday.

Next, Zach shares his thoughts on the latest Deadpool & Wolverine movie. And Robert Downey Jr. is coming back to the MCU, just not as Ironman? Whether you’re a fan of the Marvel universe or just curious about the film, Zach’s review offers a blend of humor and critique that you won’t want to miss. Just know there might be a few spoilers, so don’t say we didn’t warn you!

And as always, we bring you the latest updates on mortgages and the real estate market. From interest rates to housing trends, we cover everything you need to know to make informed decisions in today’s market.

Join us for an episode that’s both informative and entertaining, blending serious financial talk with a touch of superhero excitement. 🏦🎬🏡

FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

The 2024 Summer Olympic Games are upon us! Zach wonders why the “Opening Ceremony” is scheduled for 7/26, but events Soccer, Rugby, Archery, and Handball are currently ongoing. What is Handball anyways?

Barry and Zach also dive into the latest economic news and its implications for the mortgage and housing markets. With the U.S. economy showing a 2.8% growth rate in the last quarter (gross domestic product as reported by the Commerce Department), Barry and Zach discuss how this unexpected economic strength, coupled with easing inflation, might influence mortgage rates and home affordability.

What does it all mean for potential homebuyers, current homeowners, and renters alike? Today’s housing market is filled with both challenges and opportunities, including the impact of high home prices and mortgage rates on buyer sentiment.

Tune in to hear Barry and Zach’s predictions for the coming months and practical advice for navigating these turbulent times.

So sit back, enjoy the show, and GO TEAM USA!!!

Townstone is the #1 independent mortgage company, helping people like you since 2002. Visit www.townstone.com for a FREE consultation.

Did you manage to snag any good deals? U.S. shoppers spent a record $14.2 billion online during Amazon’s two-day Prime event, up 11% year over year, according to Adobe Analytics data. Remember, it’s only a “deal” if you’re buying something you would’ve already bought, not some “chazerai” that’ll only be collecting dust in the garage next week.

More important than saving money on your TV, vacuum, paper towels, etc… is saving money on your mortgage! Instead of saving $10, $50, or even $1,000, you could save multiple thousands of dollars with a lower mortgage rate or closing costs by working with Townstone.

This week the Midwest saw a series of storms (tornadoes, rain, wind, hail, cats/dogs….) Hopefully you and your family made it out unscathed along with your property. We like to take events like these as a good reminder to review your homeowner’s insurance policy to check your deductibles, premium, and possible exclusions.

Housing inventory in the Chicago area seems to be picking up as many of our prequalified clients are getting properties under contract. Zach has a client paying $3,200 in monthly rent set to buy a similar condo where the total housing payment (including taxes, insurance, HOA) will be $2,800. Saving money AND building equity at the same time, it’s a no-brainer!

As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

The consumer price index (CPI) rose 3% in June 2024 compared to the 9.1% pandemic-era peak in 2022. We are nearing the Federal Reserve’s target of 2%, so what comes next?

After years of waiting, this is the best sign yet that the Fed will enact a rate cut in September with the possibility of further cuts as we head into 2025.

We continue to see lots of purchase activity as inventory increases, but let’s talk about home equity products for a moment. Two big misconceptions we’re seeing right now:

1. Can you refinance your 1st mortgage after opening a home equity line or loan? Yes. It simply requires what is called a “resubordination” where the 2nd mortgage holder agrees to remain in 2nd lien position. What you can’t do is a cash-out refinance of a 1st mortgage without paying off the 2nd mortgage because then it weakens their 2nd lien position.

2. Will you lose your home if you default on your home equity line or loan? While you can theoretically be foreclosed on if you default on the 2nd mortgage, it’s nearly unheard of. What generally happens is the 2nd mortgage (home equity line or loan) remains a lien on the house accruing fees/interest (assuming you continue not to pay it) and it gets settled/paid-in-full when the house is sold.

So remember, Townstone = Mortgages

We are here to help on your next purchase, refinance, home equity line/loan, or reverse mortgage. With the most products, the lowest rates/costs, and the best customer service, the choice couldn’t be easier. And you can take that guarantee to heart because Barry has owned the company since its founding in 2002!

www.townstone.com

Freddie Mac gets conditional approval to enter the Home Equity Market, what does that mean for you? We’ll continue to watch this development, but in the meantime, it’s still a GREAT time to look at a home equity line or loan. Why? You can use your equity to consolidate credit card debt, make home improvements, or even gamble on cryptocurrency!

We even now have a FIXED-RATE Home Equity Line of Credit! Practically unheard of until now! Call Zach at 312-896-2114 for the details and to see if you qualify.

Are you building Social Security into your retirement plans? Not so fast! According to the SSA Board of Trustees' latest estimates, released in May 2024, the OASI (Old-Age and Survivors Insurance) fund -- which covers retirement and survivors' benefits -- is expected to be depleted by 2033. That’s less than 10 years for those of you who are too lazy to count.

In items that grind Zach’s gears: Netflix, Hulu, Disney+, HBOMax, Amazon Prime, Paramount+… what do they all have in common? Yes, they’re all streaming services. But they have all increased their monthly subscription fees in the last 12 months. Most are now even offering plans with ads! Wasn’t the whole point of streaming to watch shows and movies without ads? Pretty soon we’ll be wishing for the days when all content just came with your cable subscription…

As always, FREE 1 on 1 consultations available at: https://townstone.com/consultation-request/

Mortgage Rate Watch: With markets closed yesterday for Junteenth, we’re ending the week with slightly higher mortgage rates vs. Monday/Tuesday.

According to First American Data & Analytics’ latest Home Price Index (HPI) report, home price appreciation appears to be “normalizing” nationwide with a few interesting tidbits:

1. Home prices are now 54.6% higher than pre-pandemic levels

2. Homes in the Starter Tier appreciated in price at a much higher rate than those in the Mid-Tier and Luxury-Tier.

Lack Of Financial Knowledge Leads Borrowers To Overpay

Survey data from the Federal Reserve Bank of Philadelphia revealed that a large fraction of borrowers overpay for their mortgage, varying with borrower types and with market interest rates. Researchers call this “financial sophistication” and say it is the key reason for overpayment.

Townstone has been helping people secure mortgages with the lowest rates and costs, combined with the best customer service since 2002. You don’t have to be sophisticated to fill out a request for a FREE consultation at Townstone.com. Stop overpaying on your mortgage!