What You Need to Know About Financial Markets
and the Mortgage Process
The speed and ferocity with which the financial markets have been moving as of late have been mind-boggling ...
Even consumers that are typically only casual observers of the financial markets, not participants in them, are aware of the market's recent erratic and volatile behavior. Reports
of the markets are everywhere.
The level and the speed of the changes taking place have been alarming ... so much so that the trading markets have actually shut down twice (so far).
Hopefully, brighter and calmer days are ahead. But until that takes place, special precautions and actions by those in and entering the mortgage process ... and their lenders and real estate team ... are needed.
One such way that special precautions can be taken is for borrowers (first-time and step-up) taking actions to proactively prepare and plan prior to their entering the home buying/mortgage process. Doing so heads off a myriad of issues and problems.
Mortgage Lenders can play a big part in this ... and as a result, I've addressed and written on the topic countless times before. But now, because of the market's most recent behavior and the votality presently being experienced, I'm adding a special appeal to all my clients (and all consumers) currently in mortgage processing ... plus those hoping to enter it in the future.
Again, I offer this additional word of caution and appeal as a result of the drastic and swift pace in which the markets are presently changing ... and how those changes can affect a prospect's mortgage approval, interest rates, and monthly payments.
My plea?
Please ... stay engaged and respond quickly to all questions and correspondence from your lender and real estate team.
With the market in its current state ... time and the timing of a response are absolutely critical. Hesitate or wait hours to reply to a request or communication? Things could change dramatically for you.
I had two applicants learn that the hard way just yesterday. Both saw doors of opportunity close and their interest rate fluctuate higher in a matter of hours.
And while it's true that there are times that a lender can intercede on a client's behalf, there are other times when that is simply not possible. Answers and confirmations are needed to facilitate actions.
Such was the case with both of these clients. Time will tell if market corrections occur and assist them moving forward.
It is always important for borrowers to stay engaged, focused, and participatory during their mortgage process. But right now? It's imperative.
So heed this plea and stay available. Stay in touch with your lender.
Educate yourself ... prepare ... discuss ... pre-plan ... and stay as accessible as possible throughout the entirety of your mortgage process.
Be ready to make decisions and act quickly. Your financing experience will go much more smoothly and successfully ... and you may save yourself big money.
* Are you dreaming of buying or refinancing a home or Investment Property in New Lenox - Will County - Chicago - Chicagoland - IL/WI?
Contact me today! I'll put my 40 years of mortgage experience and expertise to work on your behalf.
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