Dan Green over at Bloodhound Blog
has a timely reminder for all Realtors to look at their existing
pipeline and take a few minutes to have their customers requalify with
their lenders. As Dan points out the last few weeks have seen mortgage rates jump as much as .75%; which puts a big damper on borrowing power for your clients.
Having
them requalify is a great way to ensure your borrowers aren’t disappointed after finding a home they could have afforded last week;
but has since become too expensive.
In addition to Dan’s
advice, I’d like to add some of my own. For any of your clients that
currently have a loan lock commitment it is vital that you have them
identify when their rate will expire and take steps to close
expediently or take an extension. Rates locked two weeks ago look like
gold in today’s market.
Finally, make sure the mortgage
professional your client is working with is keeping a close eye on the
bond market. A bond-savvy mortgage professional can spot price changes
before lenders announce them. Locking ahead of a price change for the
worse can mean thousands of dollars saved over the life of the loan.
Last 3 posts by Morgan
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