Welcome to your ninth installment of " Home Mortgage Secrets Revealed!"
essential reading for Homebuyers, Refinancers and Renters!
This 12 issue newsletter focuses on ways to get the most out of your home, by giving current and timeless advice on refinancing, buying your first home and how to avoid common mistakes made by homeowners, wannabe homeowners and renters. So whether you are buying, refinancing or thinking about either, every issue covers a topic that will help you no matter what stage of homeownership you are in.
ISSUE 9
SHOPPING AROUND?
HERE’S THE INSIDE SCOOP ON HOW TO DO IT RIGHT!
First: make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS…RUN…DON’T WALK… RUN…TO A LENDER THAT DOES!
1) What are mortgage interest rates based on? (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. DO NOT work with a lender who has their eyes on the wrong indicators.)
2) What is the next Economic Report or event that could cause interest rate movement? (A professional lender will have this at their fingertips. For an up-to-date calendar of weekly economic reports and events that may cause rates to fluctuate.
3) When Bernanke and the Fed “change rates”, what does this mean… and what impact does this have on mortgage interest rates? (The answer may surprise you. When the Fed makes a move, they can change a rate called the “Fed Funds Rate” or “Discount Rate”. These are both very short- term rates that impact credit cards, Home Equity credit lines, auto loans and the like. On the day of the Fed move, Mortgage rates most often will actually move in the opposite direction as the Fed change. This is due to the dynamics within the financial markets in response to inflation. For more information and explanation, just give us a call).
4) Do you have access to live, real time, mortgage bond quotes? (If a lender cannot explain how Mortgage Bonds and interest rates are moving in real time and warn you in advance of a costly intra-day price change, you are talking with someone who is still reading yesterday’s newspaper, and probably not a professional with whom to entrust your home mortgage financing. Would you work with a stockbroker who is only able to grab yesterday’s paper to tell you how a stock traded yesterday, but had no idea what the movement looks like at the present time and what market conditions could cause changes in the near future? No way!)
Be smart... Ask questions… Get answers!
More than likely, this is one of the largest and most important financial transactions you will ever make. You might do this only four or five times in your entire life… but we do this every single day. It’s your home and your future. It’s our profession and our passion. We're ready to work for your best interest.
I truly believe that my customers need to be aware of all the terms, market factors and generally educated on the mortgage and homebuying process.
Why do I offer this information free of charge? I am offering this information free of charge because I want to be your mortgage advisor. I offer more than simply a loan: I'll personally advise you on how to use and apply the principles I teach you. Worried that you can't remember all of what is contained here? Call me. I want to earn your business.
Questions, Comments? Please call me at 1-800-548-2526 or:
Pass It On! Know someone who can benefit from My "Insider Reports"?
This report was provided by:
Jacques E. Laubert, Member
Mortgage & Credit Expert
Razor Mortgage LLC
"Shaving Your Payments" ®
700 Harry L. Drive Suite 220
Johnson City, NY 13790
Tel: (607) 797-1200
Toll Free: (800) 548-2526
email:
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For FREE insider reports and more information visit our website at:
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Razor Mortgage LLC•700 Harry L. Drive Suite 220• Johnson City, NY 13790 •Tel: 607-797-1200
Licensed Mortgage Broker by the Virginia State Corporation Commission Lic #MB-4224,
Registered Mortgage Broker, New York State Banking Department, Loans arranged with 3rd party providers.
portions ©2006, 2007 Razor Mortgage LLC
DISCLAIMER - NOTHING IN THIS REPORT IS TO BE SUBSTITUTED OR TO BE CONSTRUED AS FINANCIAL, LEGAL, OR ACCOUNTING ADVICE, OR ADVICE OF ANY KIND. THE INFORMATION CONTAINED HEREIN IS SOLELY INTENDED TO BE INFORMATIONAL, AND NOT TO BE CONSTRUED AS ADVICE OF ANY KIND. THE READER ASSUMES ALL RESPONSIBILITY FOR ANY FINANCIAL, LEGAL OR ACCOUNTING ACTIONS THEY TAKE, AND UNDERSTAND THAT THE READER MUST CONSULT WITH THE APPROPRIATE PROFESSIONALS BEFORE TAKING ANY ACTIONS REGARDING THEIR FINANCIAL, LEGAL OR ACCOUNTING SITUATION. THE READER HOLDS THE AUTHOR, PUBLISHER, OR ANY DISTRIBUTORS OF THIS REPORT HARMLESS FROM ANY CONSEQUENCES THAT RESULT FROM ANY FINANCIAL, LEGAL OR ACCOUNTING ACTIONS THE READER TAKES UNDER ANY AND ALL CIRCUMSTANCES.
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