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we're you snoozin (while rates increased)?

By
Mortgage and Lending with Christensen Financial Mortgage 385907

 

We're such a now group.

For quite awhile we really didn't have to worry about interest rates.

they were just sooooo low

and for some reason we didn't take into consideration that they would not stay there forever, or

at least until I bought my new home

we're you snoozing?

because if you were last week (and this) probably woke you up, as it did many.

two questions;

did you, or do you believe that the fed will continue to put $85 billion a month into the mortgage markets?

the answers obvious now

did you, or do you think the economy is still reeling?

a little hint here, it's not.

AND, stronger economic activity is not conducive to lower rates.

now, everybody wants to know

what's going to happen with interest rates?

well here it is; the answer.

they will go up, down, or remain the same.

another little hint; we don't need to be concerned if they actually do go down,

BUT, I don't think anyone really believes that they will.

So, here's an extremely important (and helpful) hint

If you are buying a home, and you need a mortgage pay very close attention to the rate lock procedure.

Is the interest rate locked at the time of application, and if not when?

For how long is the rate locked?

If it expires, what happens then?

if you already have applied for a mortgage, but have not yet closed, call your lender, and check on your rate lock status.

If

you stop snoozin

you might not be losin

the rate you thought you were getting

Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I always find it interesting that most know that interest rates are likely to move up and do nothing until they rise and complain about it.

Jun 28, 2013 12:52 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Tim,

that's very true, and as someone who has been involved in mortgage lending for 30+ years I will not be apologizing for rates at 4.5-5%

thanks

jay

Jun 28, 2013 01:02 AM
Alan Harris
Keller Williams Realty - San Diego, CA
San Diego Real Estate Broker with Keller Williams

Hello Jay,

Excellent point! It time for a lot of people to take action or lose a valuable opportunity in today's market. Thank you for this post and have a great day.

Jun 28, 2013 07:16 AM
Jay Beckingham
Christensen Financial Mortgage - Port St Lucie, FL
Seniors ROCK!

Alan,

thanks,

right now things are still very favorable on both sides og the transaction in my opinion, but leaning toward the seller.

jay

Jun 28, 2013 10:04 AM