Help! Help Me, Rhonda!

This past month or so, I have been helping people deal with issues with their mortgage lenders. This isn’t entirely unusual, but it seems to be happening more often in this current market. Sometimes, the client leaves the lender and I “adopt” their transaction and other times, they are able to work it out with the other lender.

I think that part of the issue is that mortgage rates are so volatile right now… and have been for a few months. With mortgage rates in a higher range than what we’ve become accustomed to, more people are focused in on interest rates. Yes, the interest rate you pay on your mortgage IS important, but it’s not the only factor and, in the event a lender is not able to close on a mortgage, choosing a lender mainly because of interest rates can be an expensive decision.

Another factor is that, in Washington state, only about 60% of licensed mortgage loan officers opted to renew their license in 2023. A 40% reduction is pretty significant… this does not factor in the loan officers who work for banks or credit unions (that are not required to be licensed) and who have been laid off or chosen to find another field for employment.

Recently a client returned to me after selecting another lender with a slightly lower interest rate (or price for the interest rate). This lender wound up not being able to pay many of their employees and the loan officer who was helping this homebuyer opted to leave before their transaction was closing. It was a terrible situation for a person who was getting ready to close on their next home. And to make matters worse, that low rate they thought they had with the other lender would cost a lot more based on the current market rates when they were forced to switch lenders.

Another client referred his family member who was a week away from closing and not feeling confident with their current lender. Luckily they were able to work things out and close on time. They are planning on having me help them with a refinance when mortgage rates lower in a few years. If you are feeling uncertain with a lender you’re working with, it’s best to get a second opinion as soon as possible so that you have more options available.

There are other examples I can share too. I’m always happy to help someone with their mortgage needs. It’s ideal to be the first choice 😉 BUT, when that’s not the case, and things don’t go as expected, I’m here to help any way I can!

Okay… here’s a story for you. I was told growing up that I was named after the Beach Boy song, “Help Me, Rhonda”. I do have my doubts as my Dad, in the picture with me, happened to be named “Ronald”. A coincidence? I think not! LOL

And now, just for you, the Beach Boys!

I hope you enjoy this classic and if I can help you with your mortgage needs, please contact me!

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