606b mortgage options, rising rates, pre-approvals, rate locking, online only lenders + more (mortgage broker q&a)
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Is There a Mortgage Prison?
Ray says the term mortgage prison is becoming more common as interest rates increase either with steadily increasing RBA cash rate being passed on or as fixed terms expired like we've spoken about before. Is there any advice for clients to appeal to their lenders to break out of these mortgage prisons via internal refinance to reset loan terms? My coaching for my team this week has been about let's help people deal with the reality that we're sitting in now. We do go and get all these extras and are there things that we're going to have to peel back on? Yeah. And I think that a lot of people don't know yet.
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