Refi Boom is in Action

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Hey guys, this Refi Boom is really in action now. Rates are the lowest they’ve been in three and a half years. Very good news. Good news for past clients, good news for mortgage brokers, good news for lawyers, but not necessarily good news for us. Why? Because the whole system gets logjammed. Mortgage brokers, attorneys, title examiners, everyone’s backed up right now, and what does that mean? Closing delays. You don’t want closing delays on your deals. I’ve said to attorneys over the years back when I was selling, I’ve said, “Hey, let someone else’s deal delay, not mine.”

That sounds tough and all, but when you’re regularly referring to certain attorneys and certain mortgage brokers, I don’t see anything wrong with putting pressure on them. As far as your buyers go, make sure to tell your buyers, “Be responsive, get the mortgage broker what they need when they asked for it,” because it’s important that we get this stuff out right away, so that they’re able to get the loans closed. Do all your check-ins early, don’t wait until a week before closing. Check-in two, three weeks earlier than you normally would to make sure your deals stay on track. When they get delayed, it’s nothing but a headache.