Recent Mortgage Rate Changes – Video

Here’s a four minute video from my mortgage broker Greg Spencer from SCMG on Friday June 19, 2009.  It’s worth watching to hear his opinion of what’s moving rates right now.  I’ve used Greg three times with our mortgages – a refinance on our old house, our original loan on our current house and then a refinance on that loan.  I’ve referred 8-9 people to him and he’s done a good job beating the competitions’ rates almost every time.  I think he has a good handle on what’s going on now.

As I’ve been witness to with his work on the loan for my sister-in-law, the mortgage lending business is quite different than it used to be and banks are moving at a much slower pace approving loans.  Be careful about waiting too long to lock in your mortgage if you think rates are going up, but if you think Greg’s right and rates are coming down again, you can take the risk and try to get a better rate.  Be sure to tell your broker when you want to lock in.  Don’t assume it’s done.  With another friend I saw them have a two week delay on the loan being approved, so plan carefully.  Times are quite different now than even just a few months ago.

If you live in Georgia and need a second quote on your refinance or first time loan, let Greg know I referred you.  I’m posting this as an unpaid/unsolicited post.