The Funny Thing About Opportunity Is That It Rarely Hangs Around For Coffee

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I am a huge bird-in-hand guy.  If there's something available now, I will almost universally take it instead of waiting to see if something better comes along.  The only time I strayed from that rule was in the game of love and with respect to my wife.  I hope she did the same?

Okay, so, mortgage rates are down.  And, I mean down.  Levels not seen since February 2007.  And I am on the phone all day long with my clients, helping them to rebalance their mortgage debts and take advantage of lower payments.  We chat for a bit, review the benefits of a remortgage, I explain how am able to pick up their costs, and then we start working towards a 30-day closing date.

Nearly all of my clients go along with the plan because they want to save money wherever possible.  Especially because they're not increasing their loan balances.  Some, however, push off the remortgage because they want to wait for rates to fall farther.  This is where the disconnect occurs.

"It doesn't make sense to remortgage while rates are falling," some of my clients will say to me.  "I want to wait for some real savings."

I get that, but let's be real for a second.  Mortgage markets are a veritable mess right now and who knows what will happen to them after the next economic release hits the wires.  There's a chance to do some good today.  Don't miss that chance.

You know, it like my American Legion baseball coach Mr. Amman used to say (long before Kayne West), "nothing's ever promised tomorrow today".  Rates may be higher tomorrow and -- poof! -- there goes the savings.

If rates fall again down the road, then you remortgage again down the road.  The game is all about spending as little as possible on your mortgage debt so you can spend your money in more productive ways.  Even $500 annually can help fund a life insurance policy.  Lock up the savings while you can.

And back to the phones...