to me as she cancelled her closing today on an investment property. She honestly thinks that rates will go down and go down by a good margin. SAY WHAT...... ok so we had this loan to close today, her choice, on an investment property, NIV (part time Realtor with other very hard to prove income), cash out refi, I wont even tell you the rate because this was a favor deal, a friend deal. She also complained about cost............. which were all disclosed on the Good Faith (my GFE is signed and is within 200 bucks) and guess what, she doesn't go by GFE'S and she claims not to recall our discussions about cost. I should also state that she has made a "business decision" to not sign today. She doesn't like the cost. Guess what she will hate the $250 redraw fee on the docs in 2 days. Oh and she has use Countrywide for 20 years............... and they wont do this deal..... wonder why???? So she wants to now shop and think and she really thinks after what the Fed did today her rate will drop. OK, I was giving her 7.25% on an investment property and not proving her income (there is child support paid in cash and I know this family for years, so yes she meets the NIV requirements).
But the crazy thing to me is.................... she thinks RATES ARE GOING DOWN!!!!!!!!!!!!!!!!!!!!!!!
Question................. the Fed rate and prime rate have not changed in 3 years and yet mortgage rates have changed daily
HERES YOUR SIGN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Thanks for letting me RANT
THIS EDIT IS JUST ONCE AGAIN SAY THANKS FOR LETTING ME VENT...... SOME TIMES CLIENTS JUST AMAZE US
Joe Adams
;)
;)
Joe - Is she nuts? Sounds, on the surface, like one heck of a deal! Rude awakenings will come...