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Hello and welcome to the total lending Concepts Mortgage Show. We begin in section 14.7. What types of economic report should I pay attention to some reports? Man packed interest rates more than others, some reports, my calls reaction, the markets one day and then be completely meaningless. The following day, the only important that you understand how daily economic dad I can make an interest rate move in the course of a few minutes. After a poor Affair reports release any report to suggest good economic news will be portrayed as bad for the bond market, causing interest rates to rise reports it for telefutura session, because rates to fall hear some reports that might cause rates to swing one way or the Other, after their monthly release, in essence, the better the economic report, the greater the likelihood of higher ratesI, know that all these reports can cause higher rates. But the same reports can also have the opposite effect. If unemployment goes up and more and more people lose their jobs, Colorado Springs Mortgages that’s a negative for the economy and negative for the economy can be lower interest rates. Just as reports can point to a blooming blooming economy, they can also point to a weakening one and here’s an additional twist. The report can also be reported as neutral and having no effect at all, because the new economic data reflected eight quote Steady As She Goes economy section 14.8. Do I follow all the economic reports. Well, certainly, bear this in mind when looking for Tulsa mortgages, of course not, but you need to understand how he can all reports can affect mortgage rates. You must understand how mortgage rates are price before you can begin to negotiate. Think about this, we looking for Tulsa mortgages, otherwise you won’t know why interest rates went up down or sideways for no apparent reason. There are plenty of things that can impact interest rate, such as speech by K, political figure, a natural disaster, the threat of War, oil shortages, the value of the dollar, the trade deficit or a foreign country investing heavily in US bonds. But as you and I are at work all day, it’s impossible to keep track of all of them. Section 14.9: when is the best time to get a rate quote the best time to get a rate quote, is the morning after any government reports on the economy released most reports released by 9 a.m. eastern, though some come before it’s some come a little after. If you check interest rates late in the day, the market may be closed and if you check too early in the morning, Colorado Springs Mortgages lenders may not have had time to price their rates for the day. Think about this one look for Tulsa mortgages.

There are some very smart people in the mortgage. Business who sold job is to price mortgage rates. They scan all the economic data watch, the various mortgage bond prices and price their interest rates for their loan officers to use mortgage bonds rap than rates. For that day will be down. Sometimes during the course of a business day, mortgage bonds will make a said move. If the move is dramatic enough, the lender will reprice mortgage rates during the business day. If the movie is only slight, the lender may do nothing at all waiting till the following day to see if the price changes necessary. Think about this when looking for Tulsa mortgages, interest rate prices are set by basis, points in a basis point is 103 %. 100 basis points will cause a quarter percent change in the rate. If the cost of a mortgage Bond Rises by 20 or 30 basis points, you can expect cost to that Bond arise accordingly, I move a 50 basis. Points would cause a 30 year fixed mortgage rate to rise by 1/8 percent, any move less than that typically won’t change the rate. Yet the cost to the lender of the rate might rise or fall. Think about this one. Looking for Tulsa mortgages, section 14.10. Can I trust interest rates in the newspaper interest rates in the newspaper or days old? Many newspapers around the country publish their interest rate surveys in the Sunday paper. Colorado Springs Mortgages Usually the real estate or business section many papers cut off their advertisements for businesses on Thursday morning. So the interest rates you see aren’t from that Sunday there from the previous Thursday morning only that, but by the time you call and contact the lender. The following Monday morning, New prices have already come out for that day is well, don’t expect to get the same rate you see in the newspaper when you make your telephone call think about this one. Looking for Tulsa mortgages, you might be able to get that rate. If race haven’t change for several days, but just know that publish rates are old news for that matter, any publish straight advertisement have to be understood in the same context, whether they are in newspapers or rate on radio or television in Business. Magazines are even on the internet. Bear this in mind when thinking about Tulsa mortgages, section 14.1. Why are some lenders so much lower than everyone else? They can’t be okay, so one might be a little lower, but lenders and Brokers all get their mortgage money from the same place. Colorado Springs Mortgages So any difference is might be marginal. When I was a mortgage broker, I would get interest rate sheets fax to us, each and every day, from our wholesale lenders, probably 40 to 50 different lenders with solicitar business.

That way, when I first started in the business, I would painstakingly pour-over dozens and dozens rate sheets hoping to find a lender that would have the absolute lowest rate on the planet, so I can get all the business I wanted. What I didn’t realize was that I wasn’t the only mortgage broker in town doing the exact same thing fact. I lived in San Diego, where there were thousands loan officers getting the very same rate sheets. Keep this in mind when looking for Tulsa mortgages soon discover that there was no reason for me to scour 40 rate sheets everyday for the best interest rate. There was no such thing almost to A lender. Each rate sheet was within 25 to 50 basis points of each other that works out to rates being about an 8 % or so apart since 50 basis points buys at 80 %. I mean 7 % 7, an eight or 7.125 %, nothing like the five or six percent was looking for it. Just didn’t work out that way. On occasion, A lender might run a promotion and offer better pricing or lower fees to gain market share. But even then such promotions were relatively tame, a short left, instead of discovered that I used maybe three or four wholesale lenders on a daily basis, not 40 or 50. What does that mean? It means, if someone’s quoting a rate that is hands-down half percent better than anyone else, then there’s something wrong either. Colorado Springs Mortgages Something is wrong with the quote, or it’s a misprint think about this when looking for Tulsa mortgages, section 14.1 – to how do I get a good rate quote from all my competing lenders, there are full of four things. You must absolutely do in order to compare apples to apples, or mortgage quote to mortgage first, get your rate quotes on the same day. At the same time of day, get a rate quote on one Loan program only get a rate quote for a time frame. Long enough to cover your transaction and finally get a quote for all the lender fees associated with that rate. Keep this in mind when looking for Tulsa mortgages, first again get your rate quotes on the same day. At the same time of day, if you don’t do it at the same time, then at 9 a.m. in the morning you may get a rate quote from one lender. At 4 p.m. another quote from a different lender: there’s been a price increase during the day than the rate to Live recorded in the afternoon. Maybe higher than the rate you got in the morning fact is that both Linda rates are higher. If rates went up during the day during times of high Market volatility, I’ve seen Rate rates change as much as three times a day, maybe more. Colorado Springs Mortgages This means that interest rate quotes. I made the morning or no longer any good lenders, price they’re competing loans. In the same index of the very same index, you won’t find one lender at 6 %, another at 7 % on the exact same loan. Under the very same terms forget with the advertisements, tell you it just won’t happen.\

Second, get a rate quote on only one Loan program: there’s no way to compare a 30-year fixed loan with a hybrid. They are two very different animals. Think about this one. Looking for Tulsa mortgages, you must determine beforehand absolutely the mortgage loan program you need and get quotes on that exact loan. Someone officers can’t compete on certain loan programs, or one lender might have her promotion on a particular type of bone that they’ll try to steer you toward. If you call in and ask for their rate on a 30-year fixed rate that lender that litter hasn’t been very competitive in that market, they may try and suggest another product. Colorado Springs Mortgages Tell me: how long do you intend to keep this morning or some other question to try and find an alternate alternate product? You might be interested in Braintree instance. You tell the loan officer that you’re only going to be in the house for 3 to 4 years and guess what the loan officer says. I have a special Loan program is a hybrid it’s fixed for 3 or 4 years at a much lower rate. You like me to quote you on that. Instead, keep this in mind when looking for Tulsa mortgages, when interest rate on hybrids is much lower than 30 year fixed, it’s tempting to sign up immediately and feel lucky at finding such a great deal, but your journey a funny. The best rate just ended there, because you changed the course of your search. If you get aloe hybrid quote, instead of a 30-year fixed-rate make absolutely certain you immediately contact other lenders and get there quote for the same hybrid. You might find that when one lender is competitive at one program, their competitive on others to think about this way, Colorado Springs Mortgages looking for Tulsa mortgages, third thing get a rate quote for a time from long enough to cover your transaction. Today’S rate quote might be a steal, but it only lasts for a short period of time say 5 days. If you can’t get your loan approved in close in 5 days, then what good is the rate quote not good at all. That’S a common tricks home loan officers use when quoting interest rates. My rate today is 3 %, but that’s good for loans, currently in her system ready to go to closing. If I had you only my closing department today, I could offer you that right but, alas, I don’t don’t fall for it in your head, you’re thinking, wow. This company is super low rates. I better get my loan in with him as soon as I can, Colorado Springs Mortgages but you’re forgetting that lenders can’t be that much better than everyone else, because their they set prices using the same index. Keep this in mind when thinking about Tulsa mortgages. If you do fall for the trick, you also find it when you get ready to go to closing lenders rates, don’t turn out to be just like everyone else, and probably a little higher instead get a rate quote that will cover your transaction. If you close within 30 days, then get right quotes covering a 30-day.. You need 45 days to get 45 Day. Quotes. Keep this in mind when thinking about Tulsa mortgage