I can smell the fear in the air. San Diego is starting squirm from rising interest rates. People that plan to be here in ten years, better get their rates locked in tight. I have been solely trying to contact option ARM clients who plan on being in the home long term and shouting the news. Lock your loan. It’s not that this is a revolutionary idea or anything, but one that few mortgage brokers are willing to tell clients. Why, because the short term 2 year fixed loans and other hybrid loans, pay out more.

The banks almost force loan professionals to do this, because they dictate the payout. If they would pay the same for the loans that would do borrowers good for the long haul, it may help improve the economy… Too bad that will not happen.

I can smell the fear in the air. San Diego is starting squirm from rising interest rates. People that plan to be here in ten years, better get their rates locked in tight. I have been solely trying to contact option ARM clients who plan on being in the home long term and shouting the news. Lock your loan. It’s not that this is a revolutionary idea or anything, but one that few mortgage brokers are willing to tell clients. Why, because the short term 2 year fixed loans and other hybrid loans, pay out more.

The banks almost force loan professionals to do this, because they dictate the payout. If they would pay the same for the loans that would do borrowers good for the long haul, it may help improve the economy… Too bad that will not happen.

I can smell the fear in the air. San Diego is starting squirm from rising interest rates. People that plan to be here in ten years, better get their rates locked in tight. I have been solely trying to contact option ARM clients who plan on being in the home long term and shouting the news. Lock your loan. It’s not that this is a revolutionary idea or anything, but one that few mortgage brokers are willing to tell clients. Why, because the short term 2 year fixed loans and other hybrid loans, pay out more.

The banks almost force loan professionals to do this, because they dictate the payout. If they would pay the same for the loans that would do borrowers good for the long haul, it may help improve the economy… Too bad that will not happen.

Account executives are in the office all the time trying to tell us about the cool new product. Most of the time they aren’t new or cool, but recycled ideas.

Some of the new loans worth noting is a 50 year fixed mortgage available thru a well known sub-prime investor. It comes in the 2,3,5, and 30 year fixed varieties. It’s a good choice for people who want to pay P+I but want interest only like low payments.

It certainly is getting ugly out there when looking at the methods of many mortgage broker’s recently. I recently hired a young aspiring loan officer that is nineteen. Although not in the business long, he learned of the cut throat nature that exist in the business quickly. At his first mortgage shop he was told by a manager to lie and do whatever it takes to close the loan. Wow , what a nice first glimpse into this young man’s career. He is good hands now.

We have had alot of loans falling out from other mortgage broker’s straight up lying to people. The market is in such a tough time right now that homeowners really want to believe they are going to get a magical deal for free. It turns out that it isn’t free nor all that is magical, unless you like seeing money disappear. It useually goes down like this.