Holiday Season 2008.
I saw this coming from a million miles away. The Dow collapses, investors take their money out of stocks and put refinancing mortgage into safe havens such as treasury bonds pushing the price of the bonds up and the yield down. Mortgage rates are directly tied to the yield and as it goes down so do rates. It's pretty simple. The bottom of stocks most likely will be the bottom for Mortgage Rates at least for the near future. What does this mean for those of you looking for a loan? Get ready. If the bottom of the market comes over the holidays so will the bottom for rates. 4.9% 30 Year fixed? Maybe. We saw it around this same time last year. Keep your ears to the street and you might put some money back in your mortgage refinancing Here are a few things to keep in mind when refinancing over the holiday season.
Don't do business with any company you have not heard of. Period. These companies teach their salesman how to overcome this objective. Are you tough enough to turn them down?
Don't pay for an appraisal. Homes aren't selling. Half of these appraisals are no good. Do me a favor. Find a bank willing to pay for your appraisal or don't refinance.
Ask for a printout of your rate lock. If your rate's locked they should send you this no problem. If they will not, for any reason, they're lying about something. Even if the loan officer sounds like your grandfather. He's lying when he tells you he can't send you a rate lock. No exceptions.
Watch my latest Youtube video, check different bank's Mortgage rates, read financial news and more at www.FreeRateUpdate.com.
Respectfully,
Mortgage Guru Ed Ferrara
Mortgage Guru Ed Ferrara
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