Mortgage Borrowers Are Blowing It...Big Time
by: Brian.Brady on May 02, 2008 21:30:01 3 comments »
Markets are discounting mechanisms which means they take future events into consideration and figure them into the pricing immediately. Let me give you an example.
Lets say that you want to buy a new laptop. You know that Best Buy puts them on sale, every Saturday. you know that because you see the ads in the Saturday Union Tribune. Twice, you saw that bitchin Delll you wanted and ran down to Best Buy to find out that it was sold. You got mad and bad-mouthed Best Buy but vowed to keep checking the Saturday paper for another sale.
Youre blowing it just like mortgage borrowers blew it today.
What you should do is buy the Saturday morning U-T from the Best Buy parking lot¦at 5:00AM. Im GIVING you the Saturday morning U-T with my Mortgage Rates Report. The problem is that youre not ready when I sound the alarm; youre still at home reading about the computer sale while the smart cookies are drinking coffee in the parking lot, waiting for Best Buy to open.
Mike Mueller tells you how to ‘camp out in the parking lot:
For the rate shoppers out there. If you didnt have your Ducks in a Row - you lost.
What exactly are those Ducks? Good question.
- a Complete Mortgage Loan Application including all requested documentation.
- an Underwriters Conditional Loan Approval
- The ability to meet those Conditions in a timely manner
Thats it. Seems pretty simple right?
But thats also why you cannot pick up the phone and shop for rates.
Get your loan application in so I know that youre committed. Fax your W-2 forms for 2007 and 2008, your last two paystubs, and a bank account statement to (858)-605-4230- that way Ill know you want to be first in line when I sound the alarm.
· http://www.patagoniafinance.com/mikesmortgageminute.htmlThanks for the mention Brian!
That’s a great analogy.
Why is it no matter how direct I try to be -you seem to always deliver the important message in an even more direct way? LOL
Permalink May 03, 2008 06:45:34 “Why is it no matter how direct I try to be -you seem to always deliver the important message in an even more direct way?”
Because I was that guy who bought a Dell from Best Buy! I learned the hard way.
Permalink May 03, 2008 08:15:37 · http://www.neworleanscondostrends.comI preach this to all my buyers, most listen but some chase rates and do not listen. The odd this is most of these people have parents or friends telling them this or that. I am been lucky and I get 70% to one of my lenders who keeps them informed and keeps me informed as well. Once this happens I will answer their questions and give them ideas but do not say anything negative.
I recently had a lender to tell my client to keep the realtor out of it. She ended up getting a better deal by me speaking my mind and got half a point better deal. Sometimes this works if I have a good line of communication with the cleint. I know these lenders hate it.
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