Want a FREE $33,000?

Yesterday we had a dip across the boards in interest rates.

I advised my clients to lock if they could. I had three that were ready to lock.

Talk about Volatility.

Today interest rates are back up and don't look like they'll be dipping again anytime soon.

For the rate shoppers out there. If you didn't have your Ducks in a Row - you lost.

What exactly are those Ducks? Good question.

1. a Complete Mortgage Loan Application including all requested documentation.
2. an Underwriters Conditional Loan Approval
3. The ability to meet those Conditions in a timely manner

That's it. Seems pretty simple right?

But that's also why you cannot pick up the phone and shop for rates.

Without covering items 1 thru 3 above, the rate quote you hear on the phone is either from a Liar or a Knucklehead (thanks Jack)

You must work with a True Mortgage Professional. One that can properly advise you to lock or NOT to lock at any given point. One that has real time information on what is happening in the marketplace.

Speaking of locks - you did get that lock verification in writing didn't you?

Here's the proof in real dollars.

Yesterday I ran a purchase scenario for a potential client. They were not ready to lock.
Had they locked they would have been able to buy $33,000 more home. Same loan, a Conforming 30 Year Fixed.

Not for the same monthly Principal and Interest Payment - but LESS!

Yes, that's $33,000 for nothing.

If you extend that out 30 years, at an annual appreciation rate of 7.2% (go ahead and ask why) that same $33,000 becomes $265,679.17.

Is it worth working with a True Mortgage Professional yet?

As my friend Brian Brady says, "If you thought dealing with a professional was expensive, wait until you find out how much dealing with an amateur costs!"