Real Estate Closings On A 3-Day Weekend – Today’s Mortgage and Real Estate News

Nails done, hair done, everything did This is Dan on your inside team at Growella

It's Wednesday, July 11, 2018 Get ready It's today's Mortgage Minute-and-a-Half As far as frightening things go, sneezing while driving is an underrated event One frightening thing that's not underrated, though, is the fear that you'll lock a mortgage rate too soon, that rates might be lower tomorrow

But here's a thing worth knowing — rates are unpredictable and nobody knows what interest rates will do Especially US consumers Because there are surveys and they ask everyday people: "What do you think mortgage rates will do over the next twelve months" and surprise, surprise! Consumers are wrong most of the time

Now, it's not anyone's fault It's because of a psychological effect called the Availability Heuristic People take the most recent thing they've experienced, and give it an overweight when trying to forecast the future So, naturally, Fannie Mae, which just asked a thousand people "what will mortgage rates do", got a whole bunch of people saying "mortgage rates are most definitely going to go to up" Because why? Because when Fannie took its poll, rates were on the way up

Look, you can't predict the future and you can't time mortgages It's a strange game The only winning move is not to play Mike mike mike mike mike Guess what day it is? And guess what mortgage rates are doing? They're dropping Interest rates for FHA and VA loans, conforming, USDA, and jumbo — everything's doing better today

And that's good for active shoppers Just remember that a legitimate mortgage rate quote requires an mortgage application and more than a dozen factors go into your rate including loan size, property type, credit score, and, at times, your relative income versus your neighbors Sure, you can always ask for a ballpark, but don't expect it to be actually honored A real rate quote requires an application And, as always, talk to two or more lenders to find your preferred combination of rates, fees, and service

A real SmartTV would turn up its own volume whenever you start eating chips And a real smart home buyer would be keeping a loose eye on the calendar Because, although today is July, we're about forty-five, fifty days from Labor Day and if you've got a closing planned for that last week there in August, you'll want to plan ahead Yes, mortgages are mostly digital anymore and software handles the work, but your closing, your closing requires humans There's brain work involved

There's title activity, disclosure review, processing of money There's legal transfer of property These events are digitally-aided, but manually completed And, as Labor Day weekend approaches — and Labor Day comes early this year — you're going to want as many of the people you need for your closing in the office and actually working — not of sitting on a beach, holding on to those last few days of summer So, if you're buying a house and have a closing set for that last Thursday or Friday in August — the 30th, the 31st — plan ahead

Make it your goal to get your clear-to-clear as many days early as you can Be forthcoming with information to your lender Get your insurance lined up Return your documents quickly Answer your phone

So the simple stuff that matters and you'll give yourself the best possible chance for success Be proactive about your loan Ask your lender how you can help Growella does timely and relevant mortgage news three times weekly and you can visit the site at Growella dot com for more excellent mortgage and real estate news Go on and click the like button

And, hey, in honor of it being 7-11, I thought you'd dig this story about 7-Eleven which now sells a $55 bottle of wine in their stores I didn't know if you knew that It pairs really nicely with their 1953 hot dog

Source: Youtube

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