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"Shopping Around"


Are you working with a true mortgage professional?

The largest financial transaction of your life is far too important to place in the hands of someone who is not capable of advising you properly. But how can you tell? 

Here are FOUR SIMPLE QUESTIONS your loan consultant should be able to answer correctly. The answers are key to understanding the market.

If they do not know the answers…DON’T WALK…RUN…to a loan consultant that does!

1) What are mortgage interest rates based on? The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note which sometimes trends in the same direction as Mortgage Bonds (but not always). DO NOT work with a lender who has their eyes on the wrong indicators.

2) What is the next Economic Report or event that could cause interest rate movement?  A professional lender will have this at their fingertips.

3) When Chairman Janet Yellen and the Fed “change rates”, what does this mean…and what impact does this have on mortgage interest rates? The answer may surprise you. When the Fed makes a move, they can change a rate called the “Fed Funds Rate” or the “Discount Rate.” These are both very short-term rates that impact credit cards, Home Equity credit lines, auto loans and the like.

On the day of the Fed move, Mortgage rates most often will actually move in the opposite direction as the Fed change. This is due to the dynamics within the financial markets in response to inflation. For more information and an explanation, just give us a call.

4) Do you have access to live, real time, mortgage bond quotes? If a lender cannot explain how Mortgage Bonds and interest rates are moving in real time and warn you in advance of a costly intra-day price change, you are talking with someone who is still reading yesterday’s newspaper; probably not a professional with whom to entrust your home mortgage financing. Would you work with a stockbroker who is only able to grab yesterday’s paper to tell you how a stock traded yesterday, but had no idea what the movement looks like at the present time and what market conditions could cause changes in the near future? No way!

Be smart… Ask questions… Get answers

More than likely you will only purchase or refinance four or five times in your entire life…It’s your home and your future. It’s our profession and our passion. Put us to work for your best interests.

Usher Financial Group a Division of American Pacific Mortgage Corporation NMLS #1850 #1053700  NMLS #41721
5335 Meadows RD STE 110, Lake Oswego, OR  97035
Toll Free:  (800) 481-6036
Office:  (503) 595-1600
Toll Free:  (503) 595-1610
Copyright © 2017 Licensed by the Department of Business Oversight under the CRMLA CA BRE#01215943
Usher Financial a Division of American Pacific Mortgage Corporation NMLS 1850 Branch NMLS 1053700
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