Purchase? Mortgage Refinance? Are you Ready to Lock?

I typically wake up between 6.00 and 6:30 am every morning, download rates and then analyzed who I can help today.  If I see any rate improvement that may benefit any of  my clients, I call them immediately.  This is an important service for my clients because the window of opportunity is often very short.  More importantly, this service can save my clients money.

If you have been following rates lately, you may be getting dizzy at the "Rate Volatility".  Almost daily we have had multiple midday rate changes, mostly for the worse.  With a significant rate improvement, especially at the beginning of the day, the period to lock rates is often very short for a number of reasons.  One of the many reason is our processing centers often get swamped with new mortgage applications.  Another reason is the current daily volitility in our financial markets as it affects rates.  To control the workload, the bank will increase rates to slow down new applications.  My window of opportunity to help my clients is from the time I analyze my client's information in the morning to the time I am notified of the "Rate" change for applications already in our system, or until 30 minutes after I get the rate change notification to submit new applications with a registered lock. 

For Rate Shoppers, this means you need to be prepared to LOCK YOUR RATE!  Prepared means:

• Be ready to make a decision to lock your rate when I notify you.  I will explain my position based market conditions with respect to rates so you can make that decision. Or,
• Be ready to submit to submit your new application with a registered rate lock.  This means I must already have your application and have prepared your application to be submitted to underwriting with a few clicks on my computer.

My recommendation for you Rate Shoppers is "Be Prepared".

Also Read:
Why Do You Want To Talk to Your Mortgage Loan Officer About Rate Locks?
Mortgage Programs for First Time Home Buyers

You can find AJ Nisen on Active Rain at Contra Costa California Mortgages.  Call AJ to talk about your Mortgage, Mortgage Rates, Free Credit Report or visit AJ's website to use his mortgage calculator. 

Alan 'AJ' Nisen
Mortgage Loan Officer
Email: aj.nisen@bankofamerica.com
http://mortgage.bankofamerica.com/ajnisen 
http://www.activerain.com/ajn