Caroline Gerardo, C. G. Barbeau the Loan Lady nmls 324982 (Licensed in 20 states)

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John Meussner
Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI - Fair Oaks, CA
#MortgageMadeEasy Fair Oaks, CA 484-680-4852

I think this is terrible advice.  If clients locked in last week and rates skyrocketed, would you recommend lenders "jump ship" and find a way to decline loan applications so they could re-lock them at higher rates?

I really don't like the fact that people can't rely on others to be trustworthy these days.  When a client signs a rate lock agreement they know exactly what rate they're getting under exactly which terms.  To recommend they jump ship after that is perpetuating the unprofessionalism that's rampant in our industry.

Jun 30, 2016 05:46 AM
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Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

 You set off a firestorm with this one, Caroline!

                       

Jun 30, 2016 09:53 AM
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I don't think you should be recommending this as a REALTOR® since you will be starting over again and this should be about service. 

Jun 30, 2016 08:26 AM
Rainmaker
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

We locked our re-fi two weeks ago, but we got an insanely great rate anyhow and I wouldn't consider jumping ship from our favorite lender.

Jun 30, 2016 06:01 AM
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Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Sometimes we learn more from the comments and the replies than we can ever expect.  It makes AR a part of my "to do" list everyday.  

Jul 01, 2016 01:40 AM
Rainer
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Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

As John Meussner , said, this is just plain bad advice. And people would not save $150 per month, as you said in a comment. When customers apply for a mortgage, it's their choice on when to lock the rate. I don't need or want customers that call me each week wanting to change the rates. It takes a lot of work, time and costs to get loans done, without this BS. As a lender yourself, you know rates don't change much at all from week to week. Looking at a loan of $417K, the difference .125% rate equals $28.98 per month. My rates and closing costs are the best in the country because I am not greedy and I expect the same from my customers. Now, if you are using this as an advertising tool, trying to attract new business from your competition, I can see that, but that is not my style

Jun 30, 2016 11:26 PM
Rainmaker
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Anthony Acosta - ALLATLANTAcondos.com
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Thank you John Meussner I agree with you, that's a very reckless advice.

Jun 30, 2016 02:18 PM
Rainmaker
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

I have several buyers that locked. Now the rates are even better. Darn. 

Jun 30, 2016 11:53 AM
Rainmaker
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Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

I want the rate to be so low that the lender cannot even get an offer on it. A 1% drop could save me about $162,000. Where's my life jacket?

Jun 30, 2016 11:14 AM
Rainmaker
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Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Wow.. rates are crashing! Both my buyers under contract are builder homes and can't lock yet!

Jun 30, 2016 11:05 AM
Rainmaker
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Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

Thankfully I'm not getting a mortgage or a re fi. 

Jun 30, 2016 10:29 AM
Rainmaker
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Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Thanks for the advice!

Jun 30, 2016 09:37 AM
Rainmaker
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Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

good information for everyone....

Jun 30, 2016 05:43 AM
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Tom Burris
NMLS# 335055 - Baton Rouge, LA
Texas/Louisiana Mortgage Pro - 13 YRS Experience

all part of the business. some people are honorable and some are not.

have had people jump ship before.... won't be the last. 

 

 

Jul 08, 2016 05:05 AM
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Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Wow - interesting reading the comments.  AR is a great place to learn different perspectives. 

Jul 02, 2016 09:27 AM
Rainmaker
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Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

It is up to a client to decide, but if the difference is so substantial, one should act fast. 

Jul 01, 2016 05:10 PM
Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good Point.

Jul 01, 2016 02:28 AM
Rainmaker
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Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

The market is crazy this month. Great advice

Jul 01, 2016 12:53 AM
Rainmaker
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FN LN
Toronto, ON

No.

Jun 30, 2016 10:18 PM
Rainmaker
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Jennifer Mackay
Counts Real Estate Group, Inc. - Panama City, FL
Your Bay County Florida Realtor 850.774.6582

*ducking from flying flame war* - nope working with cash customers this week

Jun 30, 2016 09:24 PM
Rainmaker
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Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

parked and reading...

Jun 30, 2016 08:51 PM
Rainmaker
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Roy Kelley
Retired - Gaithersburg, MD

There is always the chance for disappointments.

Jun 30, 2016 08:22 PM
Rainmaker
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Kathleen Luiten
Resort and Second-Home Specialist - Princeville, HI
Kauai Luxury Ocean Home Sales

I don't think USA rates are crashing. Down a little temporarily.

Jun 30, 2016 08:13 PM
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Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

I do have a few notes that I renewed last week, thats okay though.  Interest rates are seldom the main issue with my bank and myself, having a banker that works well with me is.

Jun 30, 2016 05:32 PM
Rainmaker
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Caroline Gerardo - luckily, couple of my buyers did it at right time....

Jun 30, 2016 04:51 PM
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Patricia Kennedy
RLAH@Properties - Washington, DC
Home in the Capital

Thanks for the advice.  I'll bet the lenders aren't nuts about it!

Jun 30, 2016 03:20 PM
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Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

thanks

Jun 30, 2016 03:04 PM
Rainmaker
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Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

To do that for a slight dip is silly, even over the course of 15-30 years.

Jun 30, 2016 01:21 PM