Issaquah Undressed

Have You Been On The Fence Over Interest Rates?

Again I ask, have you been on the fence over interest rates? I offer 3 tips.….

It may be time to get off. Today is a great example of how rates work.If you went price shopping this morning and locked a rate, you made a mistake or two….1- don’t price shop over the phone. Your friendly loan officer would  have been able to pick up an extra $3000 or so as rates came tumbling down this morning: depending on the size of your loan. ….2- use a lender and a real estate agent as a team. Use a lender referred by an agent. That puts all future business with the  real estate agent at risk if they mess with you or fail you. Your one loan carries less weight than 3 a month. Three a month is what I used get from a good real estate agent when I was a loan officer…. 3- pick your lender before you want to lock, have the application filled out and have written assurance your loan is approved. How long will rates stay where they are right now? Who knows. Today our mortgage company has received an opening price and two price drop notices from our market leading mortgage bank. If your loan isn’t in the processing system (loaded in the software) most banks won’t accept the lock. You don’t want a verbal you want proof you are locked.I started our first blog, MortgagesUndressed.com strictly to provide great information to consumers. I saw so many people get burned by online lenders that I wanted to help some that found the blog. I wanted to help them learn how to make good mortgage decisions. The tricksters in the mortgage business were numerous back then, and you should assume some are still out there. Back to my title: Todays plunge may be temporary. Call me if you want a referral to a great loan officer. I will make sure they know I am watching out for you. Photo courtesy of Flickr and by code poet