Mortgage Facts: What Time is It?
Much of the info I heard, especially about interest rates, was troubling, as the rates quoted within the commercial were out of sync with what I knew were that day's available rates. And it was terribly misleading info for any hopeful Borrowers listening.
I suspected the commercial I was hearing was at least a few weeks or more old in content. The rates quoted certainly reflected that as true.
So what had happened that had caused interest rates to change?
Think about what's been going on over the last week or so. The many things that have taken place during that time within the U.S. alone. Then add world events to that.
Surely it had been a very busy week in U.S. and world events, but that's fairly typical. Things don't remain the same or quiet very long these days.
But all those events and changes caused gas prices, the stock markets, interest rates to react. At times very quickly. Up down, up down, up down ...
These days, there's literally a risk of any informative commercial (or article), and the info contained within it, becoming obsolete or inaccurate within seconds of airing or completing it. That's how quickly changes can occur in today's markets.
So often within my work as a Mortgage Originator, I encounter clients that refer to "having seen" information on the internet or hearing it on radio. And that's most likely true.
But that info may no longer apply. It may be entirely incorrect or unavailable ... or the info may only be semi-correct. Parts of it true, other parts not. Reality is it might have been correct or available at one point, but it's no longer valid or no longer applies currently.
While you blinked ... things changed ...
As a Mortgage Originator, I acknowledge the financing and interest rates can change at what seems like lightening speed.
That FACT is definitely something that those pursuing financing and mortgage info must digest, come to grips with, and then remain keenly aware of.
Those changes affect the interest rate you are quoted when first speaking to a Mortgage Originator. And it affects the rates available when it comes time to "lock" your interest rate in.
And changes taking place can also determine the amount of time you have to make decisions regarding them. World occurrences, and reactions to them, move swiftly.
Mortgage Facts: What Time is It? (Part 2) With so many changes happening so quickly and frequently within the U.S., world, and Mortgage industry ... the importance of when an article/post is written or when information was offered, is rapidly increasing.
Whether reading or hearing information with facts and direction within it, make note of that ...
* When in need of Mortgage info or service when buying a home in Will County or elsewhere in Chicagoland, contact me. I'll be happy to put my 40+ years of mortgage experience and expertise hard to work on your behalf.
I'm easily found at:
Mortgage Originator - NMLS #216987 - IL Lic. #031.0006220 - WI Licensed
American Portfolio Mortgage Corp.
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Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking:
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago
and the greater Chicagoland region, including:
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena,
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Romeoville, Naperville, etc.), DuPage County, the City of Chicago,
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