Check out this week’s Trident Mortgage update from Senior Mortgage Consultant, Jason Griesser.
It was a pretty quiet week for the mortgage bond market with rates hanging right around where we ended last week. The low-rate trend should continue for the foreseeable future. A few reports of disappointed economic news this past week coupled alongside the crises in Gaza & the Ukraine will keep money in safer investments like bonds. Until there is clear direction in the U.S. economy and some of these military situations overseas settle a bit our home buyers will benefit with these historically low mortgage rates.
One of the biggest challenges we face in today’s mortgage business right now is setting proper expectations. The mortgage process is harder, takes more time and involves a mind boggling amount of regulation. No matter how much we warn folks of the intense paper pushing that will ensue, the shear lack of common-sense in their loan conditions, the too-common 11th hour emergency requests due to underwriting guidelines forcing us to re-verify everything within 72 hours of closing and the fact that every time they hand us one document it may very well lead us to ask for three more things…it almost always leads to unhappy customers. No one wants that, but we also don’t want to scare folks before we even win their business. Quite the double-edge sword. Regardless of how accurate and plentiful the warning the home buyer just does not understand. The lack of understanding makes sense considering we do this everyday and most of our clients will only buy a home 3-4 times in their lives! The great Realtors we work with help set some of these expectations and I cannot convey how much we mortgage folks appreciate it.
Jason F. Griesser, CMB
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611