Mortgage Blog

It is very interesting to have some interest rate "prediction" on the mortgage licensing documents. Actually I am doing a continue education for 45 hours reading(actually much more than that), and in one chapter, it said that it expects the interest rate will go slightly up in the next 20 to 30 years. Wow. This is indeed surprising. And they said that they drew the conclusion from the history data.

Since this is for the renewal of my broker license, and it focus more on Real Estate. It said that realtor should explain the benefits of owning a home for the mortgage, especially the tax benefits. I assume most of the buyers know that. But for some areas, when the mortgage is small, the owners can not enjoy any benefits, since they simply just take the standard deduction on the tax returns.

I was working with a prospect recently. I do not know much about his down payment, his credit score, his financial goal, etc. And everyday, he just asked me to update the rates. This is not my way of doing the business, most likely I would want to know how long the borrower will stay at the house, if they like to choose ARM, then I will make sure they understand the ARM Caps, and what they are going to do after a few years, will they purchase another property, rent out the current one, or not sure yet.

I remembered the days when I was an engineer. When I switched jobs, I would be interested in other benefits, my career growth path, the stock options, etc. I was not just interested in "salary". I do not know whether this is the right way to compare it with mortgage rate shopping.