It's not just about rate. It is about a great rate with a great plan.

Aaron shares this radical thought: "low interest rates by itself is not KING, 'We all have low rates.' "

     "Low Mortgage Rates" Is Not A Selling Feature, It's A Planning Standard

When mortgage rates fell in early-January, it breathed life
into a huge swath of loan officers that were getting ready to
leave the business.

It's a terrible turn of events for homeowners and homebuyers. 
With everyone focused on rate, rate, rate, the
lowest-of-the-low loan officers are in their natural habitat.

Having a low rate carries tangible benefits in the form of a
low (relative) payments.  But, as a point of comparison,
having a low mortgage rate combined with the right
mortgage product is far more important to homeowners.

I won't dispute that low mortgage rates are very attractive
but -- no matter how you slice it -- low mortgage rates do
not create wealth for people without an outside influence.

Turning "low rates" into "long-lasting wealth" requires a
well-planned mortgage strategy and solid execution. 

Unfortunately, homeowners don't get that sort of approach
from the low-rate guy that does not focus on the proper
questions to create a plan   that works for that particular client.

Plus, here's a little secret about the mortgage industry:
We all have low rates.

But ordinary people don't understand the mortgage rate part
of the mortgage industry and get blinded by the promises of
"low rates" .  Low rates are a business standard not a feature.

Not having a well-formed plan leads to irrational mortgage
management including:

1.  Paying fees to buy down a mortgage rate when you believe
mortgage rates will fall in the future

2.  Converting from an ARM to a fixed when you know that you
will be moving in a handful of years

3.  Walking away from a scheduled closing because somebody
offered you a mortgage rate that's 0.250% lower and this is why
falling mortgage rates can be bad for homeowners.  It shifts
attention away from the short- and long-term planning process and
pushes it into instant gratification mode.

These kind of things can be a nightmare for Financial Planners: 
Homeowners can undue years of retirement planning with just one
ill-fitted mortgage at a "great rate"

To properly prepare a client for the right mortgage product, a
loan officer needs to be asking the clients the right questions.

For example:

1.  How long is the client planning on staying in the home.
(This is where ARM's and interest only products come in
to the picture folks.)

2.  Their perceived employment path, changing jobs, pay raises,
possible relocation.

3.  Their investment strategies, aggressive etc. When do they
want to retire?

4.  Children, believe it or not this plays a major role.
(College and how are you going to pay for it?)

5.  How much funds are available to invest in the transaction.

6.  What payment are they comfortable with?

7.  What is their current debt structure?

These are just a few and I tend to even go deeper with the client.