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Napa's Loan Ranger, Chris Salese: Time to spend your 2020 interest rate savings

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Here we are, just before Christmas and only a week or so left in the year of 2020. I can’t imagine the wish lists of some families this year. Unfortunately, there are many folks and kids who are struggling, along with numerous local businesses too, all of whom need our help. We are lucky to live in the community that we do, and we need to battle through this pandemic time together. While it seems surreal, we will prevail, we will remain the strong and vibrant community that people travel from all over the world to visit.

One of the things that you can do to help, especially if you were a fortunate homeowner who refinanced this year into a historic low-interest rate, is to take some of your monthly interest savings and spend them. That’s right, order take-out food or delivery from several of the open restaurants here in town before the end of the year. If you can somehow get into a store, buy something there. In fact, buy something for a family or child who is in need this holiday season.

If you took cash out of your home this year, most likely you also borrowed it at a ridiculously low rate. Depending on your plans for the funds you took out, maybe you are already pushing them back into the local economy by hiring local service professionals to work on some home improvements. If that was not your intent with the funds and you have some left, another way to help our community is to donate money. A wonderful site to visit is of course the Napa Valley CanDo’s Give Guide.

Oh yes, if you purchased a home this year, congratulations. I bet it was with some fantastic inexpensive financing. Although it’s the Bay Area of California, where home prices are not cheap, you should have a few dollars left over. Therefore, please find something here in town to purchase for your new home before the end of the year. It doesn’t have to be a huge gift, but I’m sure your new home wouldn’t mind a bit of end of the year holiday love. Plus, the local business you purchase it from, would appreciate your patronage very much as well.

Lastly, don’t worry, if you missed out or were unable to complete either your home refinance or purchase in 2020, you are in luck. It appears like everything else lately, time has stood somewhat still, and home loan rates have continued to hover around the same low level for a long while now. Even better, Fannie and Freddie recently announced higher loan limits for 2021. That’s correct, you have more borrowing power and capacity for the new year.

Please stay positive Napa, be kind to those who you speak to and whoever you see in person. Let’s hope the combination of the vaccine and latest COVID-19 economic relief package can get us through what has been such a challenging time in our lives. Happy holidays.


Chris Salese can be reached at or 707-363-4439. He is a licensed California mortgage lender (LO NMLS #254469 — CA-DBO #254469 Corp NMLS #1850 Equal Housing Opportunity.

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Chris Salese is a Napa mortgage expert who covers all topics lending related in his column: The Loan Ranger. His column runs on the fourth Wed…

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