Now can we all just go back to work and sell something?

For weeks now all I have heard is the Feds are meeting at the end of January and I can’t close a loan because rates are going to fall.

So what happens? Loan officers search the Internet for 8 hours a day looking for news and reading rate sheets just to try to save an eighth. They are to busy to prospect or work files because of the big news that is coming.

Then last week surprise cut puts everyone in a spin. I hear “how can I sell my client a mortgage when the rates keep dropping?” We all forget that these are SHORT TERM rate cuts not 30 – 40 year securities. In fact average 30-Yr FIXED rates have risen up to a quarter-point since last Wednesday.

Date line Wednesday, 1/30/08:

Everyone including my 3 year old could have predicated a half-point drop!

Big deal! Rates are the lowest in almost three years. Funny thing, six months ago an objection we heard was “I am not going to refinance unless I can get my rate in the 5’s.” Now we call the same people, give them the great news and guess what? They now tell us they will not do it unless they get into the 4’s.

Folks, we have to stop just trying to sell rate and sell what the rate can do for our clients:

• We can lock in long term loans under 6%
•  We can get them cash to pay down debt
  
• We can help them achieve their long term financial goals
  
•  We can help them get money for their kids education
  
•  We can help them buy vacation homes
  
• We can help them buy investment properties

We can, We can, We can, We can, We can. What ever it is WE CAN!

But we can’t expect a client to just lie down and say “yes” just because the rates have gone down. Yes, rate is important. This is why I post them on the top of my blog but rate does not sell a house or get a mortgage. It is an ice breaker not a deal closer.

Many of us, like me, came to this business to help people. It has been a long hard six months. Let’s not forget why we are here.

Loan Officers, real estate agents, Realtors, we need to go back to work and sell something now! The market has bottomed out. Don’t lose a deal over a couple of dollars or a minor rate change. If you wait chance is that someone else will get it.

The spring market is here. Tax refunds are in the mail or being deposited. Folks, this is the time of the year when prices go up.

Time to dust off all of those tickler files. Get them sold and closed. February looks like it can be the kind of month you dream about; a perfect storm to sell and finance a house.

Remember not since 2001 have we had the opportunity to help so many folks. So go GET’EM before someone else does.

Happy Selling!

Tony Grego – Indiana Mortgage Broker

*The disclaimer. These rates are illustrations of what you might qualify for. Not everyone will be approved. Please contact me for details. While I can’t promise you will be approved I can promise to provide you with a FREE, no obligation, financial analysis to see what you may qualify for.