The Hot Ticket

Hot Ticket

The buzz was on. People got in, or in the middle of getting in. You heard the news headlines on television, radio, the internet, on facebook, blogs, and twitter. This was historic, never seen before in our time. The experience was a must for all. Refinancing your mortgage to a rate in the 4s was your gold medal.

To those that had the luck in getting their refinance closed, congratulations! For those that are still waiting, you are that much further ahead than those that were shopping for the absolute bottom rate. If rates recover, your first in line.

The shear volume in refinance applications went through roof, lenders were slammed so quickly that they could do little to keep pace. The confusion of volume caused spooked underwriters to demand long turnaround times and iron clad proof to dispell any ambiguities of the applicants income, assets, properties, etc. Applicants and originators were often found seeking common sense.

“My home is worth 5 times my mortgage, what risk do I present?”

“I’ve never missed a mortgage payment, why is my credit score a problem?”

“I know my home is lower in value, but lowering my payments should help me stay in my home”

Funny, my lender account reps come into my office now, asking me about my thoughts on how we can get some of my loan in process to close. I can only shake my head, “a little common sense will go a long way”.