Rob West

2021 Mortgage Outlook with Dale Vermillion

February 19, 2021
00:00 0

The pandemic made 2020 an unusual year for most sectors of the economy, and the mortgage industry was no exception. So what might we expect in 2021? More historic lows in interest rates? Ups or downs in home sales? And what will a new administration in Washington mean for mortgages? Today, host Rob West talks with mortgage expert Dale Vermillion to get some answers.

•          Our good friend Dale Vermillion is author of Navigating the Mortgage Maze: The Simple Truth about Financing Your Home. The book is full of information anyone should know if they’re even thinking about getting a mortgage this year.

•          2020 was historic for the mortgage industry. We saw almost $3.4 trillion in total mortgage originations across the nation, the highest since 2003. However this year, lenders are in a much better position than they were in 2020 to be able to handle requests from customers.

•          Per Dale Vermillion’s prediction, rates are under 2% in the mortgage arena! This is unheard of; it’s free money. The Fed just announced that they’re going to leave the Fed’s funds rate unchanged. So, it’s going to stay at 0 to .25%—great news for us! 

•          Refinancing. Do a calculation based on where your payment is right now for your existing term, at an equal loan, at that same term in today’s marketplace. Don’t just take and calculate a 30-year term. Because if you’ve got 22 years left—of course it’s going to lower your payment—but it will affect your long-term payback.

•          Housing starts. We have such a massive inventory problem across the nation now. There just aren’t enough homes. Therefore, we’ll probably see a good run of construction for several years.

•          Remember to look at not just the interest rate but also the fees for the loan when getting a house.

•          Start online with, or, etc., to get a comparison of rates and lenders. Then, get four different comparisons: one from a local broker, one from a mortgage banker, one from your bank or credit union, and then one from a referral.


On today’s program we also answer your questions:


•           I’m a young senior citizen and need a water heater. However, I’ve been denied any type of credit from anywhere! Do you know of any firms or banks that could help me? 


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About MoneyWise

MoneyWise is a daily radio ministry of MoneyWise Media. Hosted by Rob West, the program offers a practical, biblical and good-natured approach to managing your time, talents and resources.

About Rob West

Rob West is the host of the nationally syndicated radio programs MoneyWise and The MoneyWise Minute heard on more than 900 radio outlets each day. Rob also serves as the President of Kingdom Advisors, an international community of financial professionals who are specialists in delivering biblically wise financial advice. Rob serves as primary spokesperson for the organization and gives leadership to organizational strategy.

A radio veteran, Rob previously co-hosted a live, call-in, financial radio program with his father from 1998 through 2008 at WAFG, Fort Lauderdale, FL. Rob has dedicated his professional career to working at the intersection of faith and finance having led a successful faith-based financial services firm, serving as the host of several radio programs on a biblical approach to finance, and speaking frequently on the topic. Rob and his wife, Julie, live in Marietta, GA with their four children.


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