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Tech Tips in Carmel Valley : Real Estate Advice

  • All36
  • Local Info4
  • Home Buying12
  • Home Selling2
  • Market Conditions0

Activity 2
Thu Sep 5, 2013
Deborah Garvin answered:
Rates/points are in CONSTANT movement and monitoring rates 24 hours a day will do little to ensure you get the very best rate. There are numerous factors that affect the cost of borrowing money, credit scores are just the tip of the iceberg. Add:

Type of property
Occupancy
Location of property
Type of loan program
Amount of down payment
Debt to income ratios
Impounds/Escrows
Purpose of loan: Purchase, Refinance, Rate and Term versus Cash Out
Amount of loan

Further, at the end of the day, the lowest possible rate doesn't mean a thing if the loan does not provide you the very best short and long term financial advantage. And, there are a lot of lenders who advertise very, very low rates...but they cannot perform to close a loan on time, or at all.

I have a current borrower who thought the lowest possible rate was his goal...until the online lender took three months to decline his file and he was at risk of losing $100,000 of equity when the contract expires and the owner threatened to cancel the transaction. I have salvaged the file in less than a week and docs are being ordered...guarantee you, the borrower does not care if I have the lowest rate in town.

All my best,

Deborah
NMLS #279125
WJ Bradley
"We Listen. We Care. We Deliver."
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Tue Jun 21, 2011
Gerard Carney answered:
by the way do not go by quantity, many of the stronger or more experienced agents specialize in certain homes, some will not touch homes unless they are 1 point homes or better, meaning Million dollar homes, with those you need only sell on a month and live well. Some do Equestrian, others do River Front or Water Front, while others do low end, obvious on low end you have to sell a lot of homes to get a decent take home! ... more
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