111: Ask A Broker 004: Should Your Clients Go Variable or Fixed?

from I Love Mortgage Brokering · host I Love Mortgage Brokering

An average of 60% of mortgages are broken in an average of 38 months into the mortgage, triggering a penalty of 4.5%. 5-year fixed mortgages as safe? How does a hot market fit into porting a mortgage? Penalties for variable or 2-year fixed are 9x lower than those in a 5-year fixed. Where are rates going, anyway? But what about the lower commission on that 2-year fixed file? Why you should tell your client your commission on the file, regardless of FICOM rules. Are you a broker or an order taker? Ask A Broker is sponsored by: Lendesk Lendesk - the ultimate mortgage CRM for brokers. Lendesk is empowering mortgage brokers and lenders to modernize their business. Sign up for early access to find out more. I Love Mortgage Brokering: www.ilovemortgagebrokering.com Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, 10 Loans a Month: www.10loansamonth.com

What this episode covers

An average of 60% of mortgages are broken in an average of 38 months into the mortgage, triggering a penalty of 4.5%. 5-year fixed mortgages as safe? How does a hot market fit into porting a mortgage? Penalties for variable or 2-year fixed are 9x lower than those in a 5-year fixed. Where are rates going, anyway? But what about the lower commission on that 2-year fixed file? Why you should tell your client your commission on the file, regardless of FICOM rules. Are you a broker or an order taker? Ask A Broker is sponsored by: LendeskLendesk - the ultimate mortgage CRM for brokers. Lendesk is empowering mortgage brokers and lenders to modernize their business.Sign up for early access to find out more. I Love Mortgage Brokering: www.ilovemortgagebrokering.com Find out more about the $25 Million Dollar Blueprint: www.get25million.com Check out our other podcast, 10 Loans a Month: www.10loansamonth.com