Mortgage Blog

The only thing I can not guarantee is the lowest rate

October 6th, 2020 12:09 PM by Eric Fang

I talked to one of my friends today and encouraged him to be a loan agent. The main reason is that our rates are very competitive. So we have some advantage for the business.

But that does not mean we have the lowest rate, or we can get the lowest rate. The reason is very simple: we are not sure whether the rate go much lower from the current level, and we do not recommend my borrowers just "wait" for the best rate.

A few reasons, for example, I had one propect who has 3.75% rate for jumbo loan, and I recommend him to get 3% and finish the refi. The main savings is from 3.75% to 3%. You can wait for 2.875%, but the longer you wait , the more you will pay during the waiting period. And you do not know whether 2.875% would be the lowest. You never know. In Europe, people are paying around 2% mortgage rates now.

I have another client who is very busy professional. And she emailed yesterday and told me that the previous agent who could not get her a better rate, and offered 0.125% better rate. I told her that he could try, but for my own opinion, if you have a very good professional working for you, do you really want to change, and you do not even know much about the other agent?

I have been working with my CPA for over 20 years. And when my friends asked me for the referral, I recommended him, and yes, he charged more hourly fee. But when I worked with him for such a long time, I feel very comfortable with the fees, and I do know some other CPAs charge much less. But indeed he knows me, knows my financial and my business, and gives me some advice once in a while. And in another word, we are like friends.

And also recently I got very good advice about the investment. It is worth more than just the money. Sometimes, some good advice in invaluable.

Back to the topic of running, I think I am ready for another round of training, maybe I can not run a marathon any time soon, I can try a virtual. I got the notice of SF Marathon, CIM, Houston Marathon cancelled. So I will not register any marathons in the near future. But I will plan to run a virtual myself. Maybe sometime March of 2021.

Posted in:General
Posted by Eric Fang on October 6th, 2020 12:09 PM



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