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And since then we’ve had these very low rates. Um, rates are, they’re fluctuating quite a bit right now. It’s like a six flags rollercoaster right now today specifically I, my rate sheet today moved three times. So it started going, rates went up this morning when I woke up, they were going up and then around 11 o’clock Pacific time we actually adjusted our rate sheet and brought the pricing down a little bit. And then we just readjusted just now. So what that means is through the day, the intro day through the market, we’re seeing a lot of volatility when you search for your Trust Attorney Las Vegas.
There’s a lot of emotion, right? So a good general rule of thumb is when you hear bad news. So when there’s geopolitical problems around the world, um, when there’s negativity with domestic politics, when the stock market is doing really well, you’ll typically see interest rates go up. Um, well actually, let me, let me correct that. Bad negativity, bad news rates go down when things are good, rates go up. So, um, you know, so right now it’s just, it’s just going crazy because of everything that’s going on with PO, with politics right now and the China trade deal that’s really impacting the market right now. So how soon can somebody lock in their rate? You could lock your rate at any point of the transaction. And my rule of thumb is it’s the borrower or buyers rate. So I make them lock their rate and I do that through educating them, uh, because I don’t want to be the one that tells them when they should lock their rate of the Trust Attorney Las Vegas.
I try to educate them and inform them and let them know what the market’s doing and what I foresee happening. And then I just simply give them guidance on that. And then I ask them, well, when do you want to lock? Do you want to lock now or do you want, do you want to float the rate and see what the market does over the next couple of days and then we can make a decision about Trust Attorney Las Vegas? But I leave that typically up to them again. An example is the my, my client that I’m working with right now, he was, he wasn’t sure and it was a Tuesday and typically job numbers come out on Wednesdays. So I told them, I said, today’s Tuesday rates are low. My pricing’s really good right now. Tomorrow we’re anticipating the jobs numbers to come out and everything that we’re seeing, they’re going to be good.
So that’s going to be positive news. So my recommendation would be to consider that and consider locking today because I’m anticipating my rate sheet getting a little bit worse tomorrow. He took my advice, we locked that day and I was absolutely correct. He lost about if he would have locked the next day, he went from four, he locked at a 4% interest rate. He would have locked that four and a quarter. So by taking my advice, even though I just said I don’t, I try, I give guidance. I don’t tell people when the lock, and he just said, I want to lock now with the better Trust Attorney Las Vegas.
Right. And just give people, you know, an idea that that quarter of an interest percent over a 30 year loan, that’s tens of thousands if not hundreds of thousands of dollars in extra interest you’d be paying. So that’s a, that is a big deal to consider that. But at the same time, anything below 5% in my opinion, is still a fantastic rate. So, you know, if you’re considering, Hey, look what you know where things are at, if you’re under that amount, don’t stress too much about it. Don’t try to play the market. Nobody can guess where they’re going. If it’s a good rate and the numbers still make sense, you can afford the payment. I don’t think that that’s an issue. Um, so this is just a personal thing of mine. We talked about this with Zach, the realtor I’m on here a couple of weeks ago to get a better Trust Attorney Las Vegas service. People buying more than they should. So just because you give them a preapproval letter saying that they’re approved for a certain amount, is that typically, should people go and push that limit and get the absolute most that they should or should they really be saying, okay, that’s what I can do, but let’s look at my monthly plan and say, all right, yeah, I could get that, but let’s, let’s come down a little bit so we have a little bit more room to negotiate.
But also I think from a financial perspective, you don’t want to be living on the edge are going to be a lot more stressed out at that point. Is, is that been your experience with that or I mean, or how are the regulations with what you can improve it? If the max maximum, there’s still going to be okay.
Yeah, that’s a great question. My feedback to borrowers is always, this is your max qualifying. This is what you qualify for. Max doesn’t necessarily mean it fits into your personal household budget. I, I don’t know your lifestyle to get a nice Trust Attorney Las Vegas, I don’t know what other expenses you have. So yes, you qualify with this $1,900 a month payment, but I don’t know if it necessarily fits your budget. So here from the lending standpoint, this is what you qualify for. However, you may have to consider throttling back a little bit depending on your lifestyle,
right? You don’t want to be house poor and basically all your money’s extra money’s going into your house and then you can afford for barely for groceries and you don’t have any fun money. So those are the things that people should, should take into consideration. And I just want to make, I don’t have a big thing about that. People think, okay, I can’t afford this. That means I need to go get the maximum amount that I can lend for. And it’s like, no, no, no, no. Make sure you have a budget.