Mortgage Blog

Stratigies when the rate is higher -- Answers to the blog comments

December 15th, 2010 11:51 PM by Eric Fang

I got two comments(1 & 2) recently to question about the rates
from 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 invest
our  time to the career & family; not too much time
on the refinance.

2)For the refinance, I recommended the Staging Refinance
since 2008. You will have stress free if you follow.

3)I have fiduciary duty to my past clients. I always
try 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/need
4)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 lower
rates. I do know my clients' expectation of rates
and we work closely to make it happen if possible.

And more importantly, we don't miss big since we already
have the strategy(most of them already have good rates)

Posted in:General
Posted by Eric Fang on December 15th, 2010 11:51 PM



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