12-13-2003, 02:35 AM
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Confirmed User
Industry Role:
Join Date: Jan 2001
Location: Oakland, CA
Posts: 8,067
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Quote:
Originally posted by Veterans Day
Volatile? You wanna talk volatile, heres a nice scenario for ya. You talked this couple into a refi at 5% making you 1% out the back. You had to offer 5% or else they will walk and go elsewhere, but after getting back to the office you look at the numbers and see 5% only paying 1% out the back is not all that great. So you say fuck it, youre gonna float the interest rate till tommorrow cause the rates might move .25% and that means an extra 500 bucks for you, so you figure youll lock the rate tommorow. Except when you come in the next day you see the rates have tanked and now instead of makin the 1% your only makin .5%. Or even worse you gotta pay to do the loan cause the rates took a complete shit, so now your payin 500 outta your pocket to do the loan and guarantee these people the 5% you promised. many many ore scenarios dude. Im tellin you straight up. Leave it alone. The wife has been in this biz for ages so I can say these things to someone with no experience whatsoever, you will drowned
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Good to hear. I'll post my stats a year from now and let you know how I'm doing.  |
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