Mortgage Blog

In the previous blogs, I mentioned that most of my clients
are very good clients. I have one customer who did refi
with me about three months ago with the rate of 5.25% for
30 yr fixed for the high-balance conforming loan. At that
time, the rate dropped to around 5%; and her friends
asked her to switched brokers to get lower rate.
But she did not and she wanted to commit the closing on time and indeed that she can start the refi again the end of this week.

If she chose to switch another broker, she would pay extra
appraisal, and the 5% rate is nothing compared to the current
market rate and she will have to wait for one more month until
the next refi. Thanks, Mei.

And I also did have another client switched to another broker
for 0.125% better rate. Still the rate he got not the best
rate. Unless that broker cover the appraisal fee, otherwise,
he did not save month at all by switching the brokers.

And when we think the rate is very low, and tempted to
break the commitment and try to get a lower rate; the rate
may go lower after the switch. There are something we can not control, though we will try to.

That's part of the life, is not it? And the rate will go lower.
4% of 30 yr fixed is not a dream any more. We will get this rate
this winter.

As my favorite mortgage reporter predicted 3.x rate about two
weeks ago. I will share with you in the next a few issues.