December 15th, 2010 11:51 PM by Eric Fang
I got two comments(1 & 2) recently to question about the ratesfrom two blog readers(none of them were my clients).
If you read my blog before, I think you may agree with me the following:1)Make money is more important. Refi can only save you limited money. That's why we need to investour time to the career & family; not too much timeon the refinance.
2)For the refinance, I recommended the Staging Refinancesince 2008. You will have stress free if you follow.
3)I have fiduciary duty to my past clients. I alwaystry to get best rates for my past clients & recommend the you work with your agents closely.
And when the current rate is so high. Please answer the following questions:
1)What's your current rate? What's your expected rate?2)What will you do if the rates might not recover as much as you want/need.3)When do you need it by? Rate might not recover as fast as you want/need4)How do you handle stress?Are you ready for more volatility in the bond market.
After answering for the above questions, work with your agent about the possibilities of the next refi of lowerrates. I do know my clients' expectation of ratesand we work closely to make it happen if possible.
And more importantly, we don't miss big since we alreadyhave the strategy(most of them already have good rates)