Gene's Chicagoland Mortgage Blog: An ALERT regarding current volatile Interest Rates and HOW they can effect your transactions

An ALERT regarding current volatile Interest Rates

and HOW they can effect your transactions

Last Friday, after an especially volatile couple of days in the market, I sent out an email to my referral agents, brokers, and others regarding what was taking place as it pertained to Interest Rates ... and how a rise in Interest Rates might effect their clients and transactions.

Here is my email, as it read last Friday (6/21/2013) ...

Interest Rates are RISING!

The markets have been especially volatile over the last few days. Interest Rates, already heading up, appear to be rising even more at this time.

(See a KCM infographic regarding climbing rates HERE)

As you head into the weekend and the coming weeks, your new clients and those that have already written Contracts, may be asking you for info regarding what they are hearing and seeing. They'll be anxious and wondering if/how they will be effected as they move forward.

For their protection ... and yours ... it will be best to always check with me regarding Interest Rates on an ongoing and individual basis. By doing this, you will be sure to have up-to-the-minute info, projections, and facts on your client's behalf.

Remember: The Internet and media rates your clients are seeing are NOT reliable and are NOT personalized to their personal financial scenarios.

I will continue to keep you alerted to the changes I am seeing as they unfold. As always, should you have any questions or needs, please .. do not hesitate to contact me.

Gene

It is important to remember, that for some clients, even a very small change in interest rates can be critical. Some may need to be re-approved or their files re-examined regarding their ability to continue with their transaction and financing. I am reaching-out to my clients ... plus their agents, to keep everyone informed regarding this situation.

During this time, the active support of my referral partners will be critical to the success of our clients' transactions ... and vitally needed. While always true, during these periods of volatility in the markets, such as we are currently experiencing, that fact rises dramatically in importance.

It is predicted by many that Interest Rates are on the rise and will continue to do so through the end of this year. At minimum, rates will be sensitive to the market's swings and somewhat erratic.

An ALERT regarding current volatile Interest Rates and HOW they can effect your transactions.

Good communication will remain key to reaching

successful Closings for clients. I hope passing on the email written to my own referral partners and clients helped inform you further as to current trends ... but also acted as an "alert" to you regarding your mortgage financing (or that of your clients).

* In need of Mortgage Lending services in the Chicagoland area? Contact me. I'll put my 36+ years of extensive mortgage experience and expertise hard to work on your clients' behalf.

I can be easily found at:

Direct: 815.524.2280

Cell/Text: 708.921.6331