Yesterday I saw a sound bite where Joe Biden was angrily hollering at a rally for Obama “I’ve had it up to here” and the story went on with some embattled retort to something said in the McCain camp. What are they training us about who they are? Does it really matter what they say and to whom? Are we seeing what’s in their heart (which will lead the country) from the media reports, which by-the-way includes this very post?
I had a conversation with a potential mortgage loan client yesterday (we’ll name her Jane) who contacted me from a directive on her monthly loan statement. She has a fixed loan with a lower rate than current yet it’s going to convert to an adjustable rate in 1.5 years. Her dilemma is should she refinance now or wait until the fixed rate portion is over. Excellent question to be asking. What do you think I told her to do? Write your answer down right now. . .
We all know the headlines and turmoil in mortgage lending. “I’ve had it up to here” with the talking heads in the newsrooms across the country in TV, Radio, and all across the Web that have made sure we are absolutely clear how “BAD” this “CRISIS” really is. I’m getting calls from scared clients I’ve carefully developed for 25 years asking me questions about what they should be doing with the fear they are experiencing. I’ve had it up to here with conversations that generate fear. So now it’s up to me! What should we do, what is the RIGHT thing to do, what is the BEST thing Jane could do - Is there really a crisis to do anything about, or is the doing that people are doing, the real crisis that’s being created?
I discussed Jane’s qualifications after several days of collecting her real #’s. I researched her actual loan terms & we discussed how that loan would work down the road. We looked at what the rate would be today if it converted and speculated about that conversion formula and resulting interest rate. Jane shared with me her living plans and some of her dreams for the next 2-5 years. We talked about a refinance, the timing, available lenders and programs, costs involved, and options to all of these she could control or not. This conversation lasted about 40 minutes as she asked for clarification of her own concerns plus some I raised.
Jane and I completed the call. She now has answers to critical questions she’s been struggling with. More important, she’s settled, she’s peaceful, she has options. The difference for her is she now has actual facts she understands and can verify, she can now live the future exactly the way she wants, and that’s real power!
Will I get her business and be paid for supporting her, I sure need and want it these days, but what matters is the honor and respect that just having quality facts produced for Jane. She can now choose what’s best for her. To find out what she chose, and if you were right, come back next week which is when I find out.