Financing in Seattle>Question Details

Jim, Other/Just Looking in Washington

How can I get set up on an alert system whereby my target rate is 4.5% say, and I am sent an email everyday

Asked by Jim, Washington Mon Jan 19, 2009

when rates change and then when they meet my target.

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Depending on whether you are considering a purchase or a refinance will make a big difference. As stated earlier, most mortgage brokers have systems that facilitate tracking available mortgage rates & products for customers. What's more important is finding a broker that you trust and like. You may want to narrow your list down by requesting a 'Good Faith Estimate' that will define the various expenses related to their lending programs. That means you'll want to have a maximum purchase price in mind and a pre-approval for the necessary mortgage you'll require. In this way, you'll have a better idea who is offering you a fair (if not best) deal for your transaction. You can consult with your realtor or family and friends who might be able to recommend someone.

On the possibility that you are looking to refinance an existing mortgage, you may want to do a bit more research regarding your home's current market value. Many owners who acquired property in the past 3 or 4 years are finding that the current market value of their home is not different from the original purchase price and quite possibly lower. In that case, you must consider whether you put more than 20% down (or more) at the time of purchase. If not, then you run the risk that your equity is not 20% or greater. That may make a refinance not economically attractive since you might be required to purchase PMI (premium mortgage insurance). A lot will depend on the spread between your current mortgage rate and the 4.5% rate you desire. If you've had PMI all along then it may be worth it. The best person to make this determination is a mortgage broker.

If you need a recommendation, please visit my website for further information. Good luck.
0 votes Thank Flag Link Tue Jan 20, 2009
Lots of us mortgage brokers are using software that does just what you are looking for. Find a local morgage broker who can offer this service.

The best thing you can do for yourself is to commit to a local lender you want to work with and have them submit your loan papers to the bank ASAP. This is good practice for two reasons:

1. When rates drop violently, the window of opportunity is short. It's best to be waiting to pounce when that happens, not shopping around for rates and lenders.

2. If your loan papers are already in with the lender without a lock, you may be able to get that rate you want on a shorter lock period (7 or 15 days) which could help. AND....sometimes lenders with unlocked loans in their pipelines are willing to give concessions to close those loans.

Hope this helps,
0 votes Thank Flag Link Mon Jan 19, 2009
Jim, I provide rate quotes via Twitter. You can see what I'm quoting other clients live by visiting the link below. At the very least, it can give you an idea of what direction rates are heading.

In this market, many loan originators may not have time to provide a daily email. Not only are we in a "refi boom" but there are fewer of us around to serve clients.

Other things to keep in mind is that currently, people who are receiving a 4.5% rate have a significant amount of home equity (40% home equity or 60% LTV); 740 or better credit scores and they have provided a mortgage professional with a complete loan application and permission to lock. Often times when rates have been low enough to lock those who qualify for 4.5%, we only have an hour or so before the rate has adjusted and it's gone. By the time you receive an email and respond, the rate may be gone.
0 votes Thank Flag Link Mon Jan 19, 2009

Instead of email,

Why not go down to your local mortgage co, find out if you qualify for a 4.5% loan, and if you do, will you need 20% down to get 4.5%?? Big difference!

If all is ok, run the docs, and have your loan guy call you the moment your rate hits your mark to lock in!

Much more effecient!
0 votes Thank Flag Link Mon Jan 19, 2009
I agree with Patrick. If you are only interested in waiting for your target rate, mortgage brokers/lenders are the quickest most reliable source for up-to-the-minute interest rates. Contact a mortgage broker/lender, complete your loan application and have him notify you as soon as your target rate is reached. . I am happy to recommend someone if you are in the Seattle area.
Web Reference:
0 votes Thank Flag Link Mon Jan 19, 2009
You need to develop a relationship with a lender and that person can provide you with rate updates.
0 votes Thank Flag Link Mon Jan 19, 2009
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