My New Blog

That's my fear as of late.  Even after 20 years in this business.  At some point the rates will be going up and at that point they will stay UP so it behooves you to do something about it NOW.  If you are one of the lucky ones where your property value, credit score and employment avail you to qualify for a refinance, you really should take care of that NOW !!!  Sure any mortgage person wanting your business is telling you that and you may have already become inured to this claim.  I am telling you I AM SERIOUS and once it happens, it's going to be too late.  On July 31st I informed my client that I thought we should rate lock at 5.00% but no one else in my office was locking so perhaps we could see if it went down to 4.875% because I dearly wanted my client to have 4.875% 30YF to brag about.  By 6pm I was pulling hair and thinking that my client was happy with 5.00% at a "half point" cost (plus closing costs) so I should just go ahead and rate lock it.  The following Monday the rates went up, contrary to my large office of mortgage experts opinion and I had to wait until mid-August for that rate at that cost to return.  On that day I did lock contrary to office popular opinion and the next day, the popular office sentiment was that everyone should have locked that day ... sharing a little behind the scenes scene with y'all ~ Bottom line, if you can make a material reduction in your 30 year fixed rate, set a realistic goal and have your Broker rate lock it when it's there. 
Posted by Terry Akiyama on August 21st, 2009 11:48 PMPost a Comment (0)
Recent Posts:
Archive:
My Favorite Blogs:
Sites That Link to This Blog:

BayCal Financial Corporation Corporate Headquarters 111 Anza Boulevard, Suite 308 Burlingame, CA 94010
Phone: Toll Free Phone: Fax:

My Blog

Copyright © 2012 BayCal Financial Corporation
Portions Copyright © 2012 a la mode, inc.
Another XSite by a la mode, inc. | Admin Login| Terms of Use| Site Map