I agree that you've made some excellent points. However, some of us on this forum have a longer view about this industry. When you started, we were just beginning to recover from the decimation that happened in this field after the great recession and the mortgage meltdown (starting around 2007?), which made for a very difficult few years.
During those years, this forum was inundated with people coming here to bemoan the lack of work, wringing their hands and wondering what they were going to do. There were also lots of people (perhaps the smart ones) posting their goodbyes after advising that they'd taken a job in an unrelated field and were leaving loan signing. (And yes, there were also lots of LOs, processors, escrow officers and assistants, etc. announcing that since their job was eliminated, they've decided to jump into loan signing. Go figure...) So we 'naysayers' feel it's only decent to help newbies have an idea of what they might be facing before jumping in with both feet.
As I've said above, I don't believe we're in the same type of economic situation as we were then, but because of how long the interest rates have been so historically low, I DO believe the bloom is off the rose for most refi activity. That's been foreseeable for a long while because it was inevitable that interest rates would begin to go up again at some point, eliminating a major reason to refinance for most people. There are lots of other influencing factors, of course, but those can be read about elsewhere.
So jba/fl's point is critically important. Everyone's different circumstances mean there's no one right answer, but all these factors should be weighed when taking advice. [BTW, great to hear from you jba/fl!  ]
|
