Today I talk about the one question you should ask every loan officer when you’re shopping for a mortgage lender.

Also, a large group of real estate agents will be meeting in Minneapolis on Wednesday to “Reboot”.  Looks like a great gathering produced by our friends at Inman News.

If any real estate agent or broker has questions, we’ll be doing a special episode on Wednesday to answer them.  To have your question answered, just email, tweet @RatesinMotion, or post on the Rates in Motion Facebook wall.

It’s all in today’s video:

(Watch it on your mobile phone or email reader here)


Agents, looking to reboot your career and help revolutionize the real estate industry?  Check out Agent Reboot 2011 in Minneapolis!

I want to make your mortgage shopping experience simple. Here is what you do. When you are talking to several loan officers during your quest to get the best deal, ask one simple question before you give them any information for a mortgage quote:

Will you match or beat any deal I find elsewhere?

That’s it! If they say no, keep shopping. If they say yes, then add them to your list as a potential person to work with. When you ask this question it lets the lender know you are going to shop them and they will be more likely to give you a better deal up front. The simple fact is some lenders won’t work with a rate shopper. That’s fine! You don’t want to work with them either. This simple question will put you on the right path.

Mortgage Bonds are starting the slightly higher today. We have a strong ceiling of resistance that are keeping bonds in check. It is going to be an interesting week as the Fed starts its two day meeting tomorrow. The Fed will announce their interest rate decision and policy statement on Wednesday along with a news conference with Fed Chairman Ben Bernanke. This is an effort to bring clarity to the markets and the public. Lets see how that goes. How clear will they be? We’ll see.

With these current rates I still think it is a good time to lock.

Today’s rates with NO lender fees are 4.75% on a 30 year, 4.0% on a 15 year and 3.125 % on a 5/1 ARM.  These are best rates I found today with NO lender fees.

Mortgage Bonds are a down a bit this morning from yesterday and are at a ceiling of resistance going into the Holiday weekend.  The bond market is closing early today and closed all of tomorrow in observance of Good Friday.  That means no video tomorrow. I know you will miss me!

If you Like this information please post it, share it, tweet it, and forward it to everyone you think could use it.  If you have an iPhone, Android, or Blackberry smart phone, don’t forget to download the free Rates in Motion LoanApp.

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See you tomorrow!!

– Mike


To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.

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