Great post by Rhonda Porter over at the Mortgage Porter Blog regarding the velocity of change right now in the mortgage business and just how costly it can be to those individuals who cannot pull the trigger on whether to refinance or not.
Excerpt:
Yesterday I wrote about getting off the fence for a 5.25% 30 year fixed rate. This afternoon, some of the lenders I work with issued new rate sheets three times just today! The last rate sheet, from one lender, has the rate I offered yesterday at an additional cost of 0.500%. So if your loan amount is $400,000, the very rate you could have locked yesterday will cost you $2000 more today (we're still at low rates in the low to mid 5's). If you are in the market to refinance, it's important to be ready to pounce when your Mortgage Professional contacts you.
The Uncomfortable Picket Chair Fence and Missing Loan Originators:
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