Mortgage Blog

The interest rates started going up(or paused the trend of going down). So do not expect the rate will go down too much from here. One of the main reason was because of the news below: http://www.mortgagenewsdaily.com/consumer_rates/951943.aspx

Yes, the government wanted their share of the booming refinance.

This morning I got an email from a client: I will pull the trigger if the high balance loan rate is 2.875% or lower. But I told him that it might be hard. 

The question to me is : why you set up a goal for 2.875% or 2.75% or lower: How did you get the target? 

The reason for my question was actually, personally I think those rates are very very good rate. Just grab whatever you can get. You can not get those rates all the time. Those are cheap debt. 

A few months ago, a client complained that he missed the good opportunities of the coming back of the stock market this year. And he thought that the market would go lower. And it did not. But for me, I do not even care whether the marker will go further lower or not. I divided my cash into 4, and purchased 25% as the market went down 10%; then another 25% as it went down 20%; and another 25% when it went down 30%. And I still have the rest of the cash on hand.

I told my clients to stay with the lender for 6 months after the closing. But still there was one person refinanced within the 6 months. And we would get the penalty if the loan gets closed soon. 

Did not run much the last week because of the heat and wild fire, not sure whether I can run more next week since I will fund 15 loans in the next 6 business days of this month. Very busy the end of the month.

But I still continue the reading and I really enjoy it. This week I started : How to Live: Or A Life of Montaigne in One Question and Twenty Attempts at an Answer by Sarah Bakewell. This is a good book, especially after a weekend running or biking.