805 Local

Yes, and here’s why.  When the market is as volatile as it has been recently, several things hold true: 1) Rates Rise like a Rocket and Fall like a Feather  2) Lenders are very quick to reprice  3) Rates MOVE FAST when they get started.  Here’s how to protect yourself.

Use a lender that will let you renegotiate a better rate should rates improve within 30 days of closing.  Be sure your loan officer monitors the market and ask him/her how he/she does it.  There are several ways to do this, but I subscribe to a compay that sends me a text message any time the market moves even slightly.  This has saved my clients thousand of dollars over the years by allowing me to lock rates before they jump or hold off if they’re on the way down.

As a loan officer in Ventura county, I’ve been working in Thousand Oaks, Simi Valley, Camarillo, and Ventura for over 25 years and I can’t remember the market being this volatile in recent memory.  I had FOUR different rate sheets on Friday (9/19/08) alone.  The market is all over the place, up and down.  I suggest you grab a rate and hold on to your hat.

If you have any questions about locking or general finance issues, give me a call and I’ll explain another reason to lock called the “Principle of 66″. 

Jay Friedman (805) 585-2326 jay.b.friedman@chase.com