Mortgage Blog

Usually if I run just myself, I would find a
topic to think about it when I ran the boring route.
And tonight, I thought about the two topics:

1)What's the trend of the Interest Rate?
What's the borrower's opinion/decision
about the rates?

According to MBA numbers, the loan applictaions
are actually 5% more than the same period of last
year because a lot of borrowers decided to lock
the rates, even though it's much higher. But I still
still have some borrowers want to wait 3.5% 30 yr fixed
rate. The rate might go a little bit lower, but is it
worth the waiting if your current rate is still
around 6%.

2)The 2nd question is about the insurance.
Since my previous blog might be confusion,
some readers might think I will not do loans
again. Actually mortgage still is my main business.
I will plan to use 5 years(10000 hours) to build
the mortgage business and hopefully I will be one
of the top 1% agents after 5 years.

For the insurance, there are some basic guideline:
a)Get right/sufficient coverage.
We don't want to be over-insured; nor under-insured.
So we want to have "right" coverage.

b)Don't ever think it's not worth it or too expensive
if we don't have the chance to use it. For myself,
I have life-insurance, umbrella insurance, I don't
want to have any chance to use. But my insurance
did increase a little bit after my insurance company
paid for the collision(my fault) this year.

c)One of my clients told me yesterday that she was
happy that I can work as the insurance agent. She told
me that she was tired of her agent trying to sell
her the life insurance all the time. One of the guideline
for the life is: sell the right products to the right
people.

d)One of my clients(also friend) discussed me for his
life insurance needs. I shared some of my opinion with
them(though I was not allowed to quote them before the
license). They planned to purchase 1M 30 yr term life
for each of them. I suggested them to think about some
"mixed" options:
i)one take 10 yr term; another take 30 yr term.
ii)both take 10 yr term.
iii)each of them have two policies. 500k for 10 yr
term; 500k for 30 yr term.

They got an online quotes from someone who gave
them the quotes, but they could not get any advice.