Mortgage Blog

I am glad that I updated my rates this morning. I know I used to do it the first thing in the morning, then from one day, I became lazy and just updated the rates a few times a week.

Sometimes, I thought about what I should do to beat the competition. I did have a very smooth loan transaction figured out by myself. That's why I could manage around 100 loans at the same time. But I will be very tired if I process so many loans.

According to a theory I just learnt from a book I read. People can have short term memory and long term memory. And for most people, you can only store 8-10 items in the memory. And you will push the "old" memory out to store "new" memory" in. For the in-out process, people will feel very tired. That's what happened to me. I had to take a nap if I work on lots of the loans at the same time. And if I run about an hour around 10am in the morning, it will help as well. My running improved a lot because of my busy schedule of work. That's a wonderful experience. Is not it?

I also have very good sense of the locking timing. Though I subscribed a lot of mortgage sites and magazines before, it did help me for the knowledge and the trend prediction, it did help me to make the decision for the rate lock.

I just updated my rate today, and found that I locked a very good rate last Thursday. 7/1 ARM 2.75% for 380k loan amount condo with no closing cost at all. Other loans I locked were 3.75% for 30 yr fixed rental, 2.875% for 7/1 ARM Jumbo, etc.

And this weekend, I worked with a few clients for high balance of 2.75% rate for 15 yr fixed with no closing cost at all. Though there is no such rate yet, we are collecting the files, processing it and wait for the rates for a 15 day lock.