Consider these six things if your banker approaches you with a time-sensitive offer
Such lenders like to call up or e-mail people who have a variable-rate mortgage with a warning that “rates are on the rise,” or something to that effect. Then they try to entice worried borrowers with “limited-time offers” to lock in.
In turn, steep penalties limit one’s refinance potential. That can leave you with only your existing lender’s refinance options, which may be limited, and/or leave you paying more interest than necessary. As of late, yields have been climbing, however. Therefore, if a lender gives you a response deadline, ask two questions:
And if another provider quotes a much lower rate – up front – for a better product, try to reward their efforts with your business. Lenders who play games by highballing you, only to drop rates when you catch them, usually don’t deserve the business.“For a less-qualified client, rate stability matters, especially if income isn’t keeping up with inflation,” Ms. Pope says.
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