Quoting Mortgage Rates.........Now You See It...Now You Don't

By
Mortgage and Lending with FAMILY HOME LOANS

Have you ever been involved in a bidding war on Ebay and you're getting down to the last minute of bidding........you have the best bid.....and just when you're about to win the product.......you accidentally kick your plug and your computer shuts off.  "NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!!!" is what your kids hear as you're screaming your head off.  You frantically sign back on the computer and that pain-in-the-rear that you were at war with won the product....by bidding a penny over your last bid! 

I Welcome You to the Mortgage Interest Rate world. 

I received an email from one of my past customers saying, "Santos, I heard mortgage rates went down to 5.25% and are going lower."  Seeing as my best rate for the past couple of days has been 5.75% with no points, I just had to chuckle. 

There used to be day when a rate sheet was good for a whole day and sometimes two or three days.  Those days seem like only a dream.  There are days when bonds start off in a good mood and rates decrease on the first rate sheet.  Then positive stock market news is released and bonds take a dive.  Then the stock market loses steam and close out on a negative note.  That's when things get really crazy when trying to quote an interest rate to a customer. 

My point - make sure your Loan Officer has the technology to be up to date on mortgage rates.  A 1/4 percent higher rate could be the difference between a loan approval and loan denial. 

Have a fantastic day!

Santos

Comments (2)

Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
I think the rate sheets went out with the MLS books =)
Mar 31, 2008 02:27 PM
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- - Bogota, TN

Thanks for you for taking the time to comment on this subject in the Active Rain network.  AR is the new "cyber backbone" of the industry, and with it's uplink to Localism.com it is transforming the real estate marketplace. Agents who don't see which way the cyberwind is blowing are going to find themselves at a considerable disadvantage inside of three to five years.

Jul 11, 2008 02:31 AM