Mortgage Blog

Do we have the same rates from the same lender?

November 13th, 2015 9:24 AM by Eric Fang

I think I might have discussed this in the blog. The short answer is no. Remember I locked 2.875% for 7/1 ARM jumbo about two weeks ago, and another borrower(he knew that we used the same lender) still waited for 3% rate. I told him the other day to lock the rate when he checked the rate with me. And it proved me right since I got my clients the rate they wanted.

A little bit explanation for the interest rate prediction for the blog I just posted. It said that short term the interest rate will go up, in the long run it will go down. The economic growth does not support higher interest rates. I posted that since I agreed with the opinion.

I locked a few very good rates in the past a few weeks. I hope my blog reader can have some idea about the rates. I just closed two jumbo loans with 10/1 ARM 3.125% & 3.25% with no closing cost. I locked 30 yr fixed Jumbo 3.5% and 7/1 ARM 2.875%. Very good rates. Those are expected to be closed in the next two weeks.

And even for rental loan, I locked 3.25% for 7/1 ARM for 430k loan(with no closing cost). And for those who has higher value in the rental property, and who wants to cash-out, you might qualify for 7/1 ARM 3.25% as well. Even though we might have the same lenders, my clients can get better rate because I know how to choose the program and when to lock the rate. It is actually very important in the current market.

Posted in:General
Posted by Eric Fang on November 13th, 2015 9:24 AM



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