Getting a great, low mortgage rate in a volatile mortgage market requires preparation.
Consider what has happened in conforming mortgages 4 times in the last six months:
The Dow Jones Industrial Average moved dramatically, recording both its largest one day gain and its second largest one day point loss in history. Mortgage rates got whipsawed, too. From day to day, huge rate swings made mortgage rate shopping difficult. It wasn’t uncommon for lenders to change pricing 3 times per day.
If you missed the recent plunges in mortgage rates, and don’t want to miss the next one, all you have to do is get prepared. A low rate may only be available for a matter of hours. You probably won’t even know when it happens. And we won’t have time to contact you when it happens. We’ll be busy locking in low rates for the customers prepared.
It’s a lot like getting a table at a popular restaurant on a desirable day. If you don’t have a reservation you are out of luck.
There are 3 basic steps to prepare for low rates and the key is to follow them before rates plunge, not during. That way, you’re ready to pounce on low rates at the moment they present themselves.
The first step is to contact us.
Next, provide us with the information required to complete a loan application. This is a free service of ours…it will cost you nothing but a few minutes of your time. Be honest and accurate so that we can get you pre-approved for a loan. Then just sit back and wait for the market to reach the pre-determined rate.
When it does…We’ll lock the rate and you won’t be left behind.
This preparation process is very similar to what home buyers do before making an offer on a home. Getting ready for a refinance is the same as getting pre-approved for a home purchase, but instead of waiting to pick out a home, it’s waiting to pick out a rate.
So, to summarize:
Contact us by phone or email
Provide a complete application
Be prepared to receive the good news that you have locked in a great mortgage rate.
It will be your lucky day and you will have been ready for it.
Posted by Terry Brunner. Terry is a Sr. Loan Officer w/ Horizon Financial and can be reached @ 877-627-9211×150 or TBrunner@HorizonFinancial.org
