July 21st, 2011 10:12 AM by Eric Fang
Even though the rate will go nowhere, I stillrecommend to lock and do the refi asap.
The reason is the value. I got a few valueproblems for the loans. One is for Palo Alto,it's 100k lower than expected; naother is in Sacramento, around 30k lower; one is in West Sacramento, 20k lower. We could do the refis if we started a little bit ealier, for some loans.
I talked one agent yesterday, she asked me why I still quoted 2.625% for 5/1ARM yesterday. I told her that I can still do it with impoundand lock for 21 days. And even though I submittedtwo days back, I should be able to signoff next week. The lenders are not busy now.