Rates have bounced around this week more than kids at a birthday party. Like them, all this up and down has left some with an upset stomach. I wouldn't be far off is I said that the first thing I do when I wake up is open my computer and see what the bond (and therefore rates) are going to do today. Just a 10 minute at the market happenings to see if I need to advise my clients to float and shop or lock and buy. With that being said, one of the frustrating side effects of this constant rate bounce is the risk of a client falling victim to another lender with a better rate. With constant changing guidelines and ever present shutdowns, it is more important than ever to pick a lender who is looking out for what the best is for the client. Changing lenders can not only add time to the loan process, but can also risk losing a loan all together. MI factors, along with new rate hits, new disclosures, and even programs ending can take a good transaction and kill it. I am not saying to use me, what I am saying is that a realtor or a borrower, it is more important than ever to make sure that first you have a competent lending agent, and then second make sure he has your best interest at heart.
Karl Menzer
