Consider this post like the late night news. Today was one of those days. You know the kind, you look at the clock and it is time to rush home; only it feels like you just got there. Well, as a result, here is our late night post.
We received an email today from a wonderful, long time client. She was asking whether it was a good idea for them to refinance because they had heard rates were going down and, more importantly (or disturbing), they had received something in the mail stating they were approved for a 4% fixed rate. Here is a quick run down of this "junk mail" (and trust us, that is all it is).
1. We talk more people out of refinancing (by far) than those who actually do. If you ever want to explore whether you should refinance then get with us first.
2. 4% rate? That is hilarious; give me a break. It is unbelievable that lenders are still out there who bate and switch people like this. Think of it this way, when you get an "approval" in the mail from some yahoo lender with this incredible rate offer understand that is about the percentage chance you have of actually getting that rate (and that is too high).
3. This next point is revolutionary...our media does not typically report the whole picture in an unbiased, accurate method. We know, we know, shocking. This is certainly the case with rates. Whatever the media is reporting on the trend in rates is always at least several days behind. Rates can change daily, and sometimes multiple times per day. So the media reporting on it is practically worthless.
So, what is the best way to ensure you are not taken by such a scheme? You should do exactly as our client did...call or email us (great job). And remember, the best way to get an accurate rate quote is to actually give us a call and we will tell you what the best rates are out there. We are here to walk you through the madness, so use us.
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