“I Got Fired Today”
What happens when borrowers fail to lock in the rate?
Mortgage loan professional Joe Petrowsky shares a story of what happened when a customer failed to lock in his mortgage interest rates. Common sense should lead most to the conclusion that interest rates are more likely to rise than to fall in the current market.
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“I Got Fired Today”
Over the past two months I have been recommending that clients allow me to lock their interest rates as soon as the application is taken and the loan submitted to the lender, normally 24 hours.
Most clients accept the recommendation and lock during this kind of interest rate market that we are in, but not all. Some just figure they would rather float and wait for something better.
This was an $81,000 refinance for 15 years. At the time the interest rate was 3.25%, he was hoping for 3% or less. The file is now clear to close except for locking the rate, but a rate today would be 3.875%.
When I reviewed current rates with him, he got nasty and told me what I could do with the mortgage and hung up. Well, it is never fun to get fired, but it happens. I emailed his appraisal, a denial and an apology for not fulfilling his expectation.
How would you have handled this situation?
image courtesy of ddpavumba/freedigitalphotos.net
Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Email: joe@righttracfg.com
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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