Talking with Christa Tessier: Mortgages, interest rate increases and fear
In their second interview, Dave and Reb talk about mortgage advice with The Mortgage Advisors’ (TMA) broker and owner Christa Tessier. This week they discuss the fear and anxiety that has been caused by the recent rise in interest rates and the words used by media outlets to describe it.
Saying there has been an interest ‘hike’ isn’t quite accurate, according to both Christa and Dave. “It is more of a step than a hike,” Christa says. Both More Than Enough Financial Fitness and TMA offices were inundated with phone calls and inquiries when the interest rate went up by a quarter of a percentage point this summer.
“People may be afraid that an extra $25 to $100 will affect their monthly budgets,” Dave says. “And calling us is important to allay their fears, while creating a plan that works for their lives.”
If people want to take practical steps to combat their fears, Dave and Christa talk about the importance of meeting with a trusted mortgage professional. They help people get a good picture of how increasing rates will affect mortgage payments, and they also encourage clients to establish a healthy spending plan that involves paying down consumer debt, and then mortgage debt.
For more practical tips, and to understand the effects of the increase of interest rates, tune in to this week’s show.