Mortgages: The Importance of Response Time
I have clients that are in the midst of their mortgage process. I've been trying to get ahold of them for days, but haven't had much luck.
Early yesterday, I'd contacted them yet again, this time letting them know that the interest rate they'd hoped to secure was now available.
I felt we had to act fast. Government reports from last Friday have interest rates experiencing mood swings.
I heard nothing back throughout the day. So when I saw a text from them finally roll-in late last night, I was a bit frustrated. Even more so when I read their message.
They'd been online and had seen a low interest rate posted on another lender's website. The mortgage program attached to the interest rate they'd seen will not fit their needs. And their financial scenario won't allow for use of it either. Time had been wasted.
Unfortunately, interest rates don't stick around long. They can tick up and tick down quickly. Buyers that are marginally "approvable" can be especially sensitive to these rate movements.
Think about it this way ...
You've headed out with a "to do" list of errands. One chore is you need gas. You decide to do that last on the way home.
You drive by the gas station on your way to the store noting the price of gas. You return to the pumps minutes later only to find the price has jumped during that short period of time. Frustrating, to say the least.
Note: Interest rates can change that quickly too ...
There's a whole lot of attention given to the importance of "response time" as it pertains to professionals and service. Home Buyers need to understand that their response time is important too. That the time they take to respond to communications and requests can play a huge part in the success they find.
Time will tell if my clients are able to secure and lock-in the advantageous interest rate available to them yesterday. I'm hoping so ...
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