June 13th, 2013 9:19 PM by Eric Fang
Usually if I run just myself, I would find atopic 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 applictaionsare 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 stillstill have some borrowers want to wait 3.5% 30 yr fixedrate. The rate might go a little bit lower, but is itworth 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 loansagain. 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 oneof 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 expensiveif 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 insurancedid increase a little bit after my insurance companypaid for the collision(my fault) this year.
c)One of my clients told me yesterday that she washappy that I can work as the insurance agent. She toldme that she was tired of her agent trying to sellher the life insurance all the time. One of the guidelinefor the life is: sell the right products to the rightpeople.
d)One of my clients(also friend) discussed me for hislife insurance needs. I shared some of my opinion with them(though I was not allowed to quote them before thelicense). They planned to purchase 1M 30 yr term lifefor 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 yrterm; 500k for 30 yr term.
They got an online quotes from someone who gave them the quotes, but they could not get any advice.