Tuesdays Tip: Why You Can't Rely on Print Advertising

There is nothing more frustrating than speaking with a borrower that latches on to a rate published in the newspaper or online. By the time a rate hits the papers or a website, it is old news.

I make it crystal clear to borrowers a rate quote may hold true for just a few hours, NOT days! It is nearly inevitable rates will change between the time I speak with you in the morning and when you call me on the ride home from work. Keeping this in mind, how reliable is the Boston Globe rate chart if the published rates are requested on the Thursday before? Yet, a large percentage of rate shoppers utilize the mortgage charts to search for a rate. Even worse, they call on Tuesday or Wednesday looking for the published rate that is nearly a week old!

Relying on print advertising, television, or even the internet to receive current rates is inefficient and archaic. Nearly every borrower I work with discusses a "target" rate, I keep their contact info, and when the rate is available I contact them immediately. There is no more efficient way to obtain the rate you are looking for. If you base your decisions off a published rate, you'll miss the boat.

Touch base if you have any questions or if you are curious about a target rate. It's good to have someone on your side, and that's why I'm here!

Make it a great day!