I just completed a HELOC and it had the highest interest rate I’ve seen in 9 months. 5.2%! 
I was actually hoping the signer would say it was wrong but nope… 
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I think we’re gonna see a lot of folks doing HELOCs because, in the short term any way, they’re gonna need some money to tide them through the coming inflationary recession. They don’t want to leave their homes and they don’t have enough ready cash. We’ll see what happens.
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I just did a purchase signing for a home in Greeley Colorado. They had a 6% interest rate 
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6%…Ouch!!! Ouch…
I had to check the closing disclosure, first payment letter & note twice just to make sure that was right. lol
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That is crazy high and I bet the purchase price is also high! I had that 6% interest rate mortgage 26 yrs ago but the price of the house was $202,000. Back then that was pretty pricey for a medium size house. Now that same house is priced at about $1 million. Ok, excuse me I’m going to throw up now. Crazy part we have low inventory in Highlands Ranch.
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While the interest rate for buying a house is at, for some, a prohibitive 4%-6%, for many people, the real issue is getting into a house at all. Inventory is very low and it appears that it won’t increase until mid-to-late spring. Prices will probably come down some to offset the higher interest rates. But, as has happened in the mid-80s and again 5-6 years ago, if one does not buy soon, one may simply be priced out of the market. Those folks become permanent renters, piddling away their savings and losing any tax write-offs. Not building any equity.
What I’m trying to say is, many people better get in whilst they can if they have any ability to do so. Get into something to start building equity. Every year that goes by that one remains a renter is a year’s worth of equity-building LOST.
For notaries, all this hand-wringing because refi’s have evaporated and because rates are going up seems odd to me. Anyone in this mortgage/lending/notary/refi business could see this coming miles away. Did we think the refi boon would last forever? Don’t rates always go up? Isn’t there the immutable law of supply and demand? Did you not plan for this eventuality?
So what to do, then? Worry? Cry? Complain? Does no one have a “Plan B” to fall back on when times and circumstances change? For example, I’ve read all over this forum that notaries cannot get orders anymore. The refi market has slowed to a crawl seemingly overnight and some notaries are worried that they cannot survive in this business. Yet, they staunchly declare their opposition to taking a lower fee and they are resolute about not going after GNW. That’s a business decision and I respect it. But the question remains, what is their “Plan B” if they intend to still be an active notary?
I also read that some notaries will be changing their line of work; hang up the notary eyeshade and sleeve guards and become a title company employee or a Amazon driver or whatever. Honorable work, for sure, but lacking the freedom that being a notary affords.
“What’s he on about?” you’re asking yourself about now. Well, let me say this. Rates will continue to rise and may get oppressive by summer’s end. Politics, wars, social upheaval and all the rest won’t make it any better. The Fed will try to curb inflation by raising rates and, in my view, this Administration won’t do the things necessary to lower inflation appreciably. So, if rates rise and stuff is hard to get, what then? For those buyers looking for the perfect home, forget it. Unless they’re bucks-up, they won’t find it, and if they do, it’ll cost 'em plenty. Instead, in my judgment, they should buy what they can afford and GET IN NOW, because we may be years away from seeing any relief. Start building E-Q-U-I-T-Y. For folks who have an existing mortgage, especially at a low interest rate, pay it down as fast as you can to build E-Q-U-I-T-Y and own that home as soon as possible. Become as debt-free as possible. Cut up those credit cards and keep only two where you can earn points. Pay cash as often as you can. Don’t let every corporation out there control your life. Don’t allow interest rates to dictate how you live. Give yourself as many options as you can. Have a Plan B.
My Plan B is GNW. I have mentioned before on this site that I have 14 (now 15) avenues for getting GNW and two months ago I started working them, hard ** This week, I began to see some of that hard work start to pay off. Creativity and perseverance is beginning to pay dividends. We’ll see if it continues. I’ve been a notary for about a year and I’m doing OK, not great, but probably better than average. My region is replete with notaries and, like most of you, I struggle to get my share of loan refi assignments. But, I’m growing tired of chasing the elusive signing services (although I have five or six that I love working with because they treat me right and I try extra hard for them, sometimes taking tough jobs and going the extra mile), and while I will always do refi’s, I want something more. So, as I always have in my career, I’m going after it. And you can, too.
I know nobody asked for this ‘lecture’ from me, and believe me, I’ve got other things to do today besides writing this missive. But as I see it, this forum is here to voice our opinions as well as share our ideas and experiences, so I offer my views as a very experienced businessman who has seen a lot. Besides, it’s Saturday and no one is reading this stuff anyway 
I’ll sum up by saying that I have no magic potion for success other than hard work, creativity and perseverance. My wisdom advice is to build equity and liquidate debt, and don’t let yourself be in a place where interest rates direct your life’s course. I encourage all the hardworking notaries out there to develop a Plan B and work it, hard.
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Thank you for taking the time to write this long message to help others think about making Plan B.
Yes, some of us do read your posts on Saturday!
I’m actually reading this post after my UPS drop off, still in their parking lot!!!
! Only did 3 today in my neighborhood and one was RON! Ok, I’m done for the day! Off to hang out with family. Nice weather too today!
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I read it and find it very enlightening - and I agree with all of it. And it’s not just notaries that are going to feel the pinch - signing services are going to feel it too - with the institution of RON along with higher rates, therefore lower volume, many SSs are going to be in trouble too.
@VIPnotaryCO - this is especially important for you - are you sure you want to start a start-up business in a dying profession? I wish you well if you do make a go of it, but really think seriously about this - business isn’t going to drop just for notaries.
My .02 FWIW - and thanks @Bobby-CA for your insight.
P.S. meant to point out too - the hike in the interest rates being considered now is only the first of four planned for this year…so they say.
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Good point. Thank you. 
You make me think….
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@VIPnotaryCO ROFL! Are you saying I make your brain hurt??!! LOL
Not trying to be a debbie downer but, seriously, think about it - where does most work come from, especially for new folks…A signing service - if business is dying off, the first to feel it will be the lender, trickle down to the title company and to the SS and, ultimately, the notary - ESPECIALLY the notary because there are 10 notaries available for each loan these days. But the SS will feel the sting too.
Wait to hear about the exodus of companies - THEN jump on it, if at all. Do you really want that headache and stress? If you do, more power to you. Honestly, I wish you the best.
Agreed, I like my freedom right now. Don’t need to add any new stress in my life! Freedom baby, freedom! No need to worry about other notaries!
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Well said. I couldn’t agree more. I saw this coming last summer. So, I decided to start doing the notary work part-time and get a job working from home remotely. Now, I get to save money on gas. My husband drives our gas saving van to work and, we are selling our V8 gas guzzling truck. We will not have a truck payment nor will we have to pay the insurance for the truck. So, this is a win win win for us. Not to mention the benefits package is awesome! We are looking for lots of ways to make this crazy world work for us.
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[quote=“Bobby4913, post:8, topic:32289”]
“Besides, it’s Saturday and no one is reading this stuff anyway”
Bobby this statement made me laugh!! Well, I was reading it and found your entire post very enlightening and very well written.
Many Thanks for your insight, advice, and foresight!!
I just feel like we’re heading into another 2008 situation with how the market is and the student loan catastrophe.
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Thanks for reading my stuff and for your kind words. 
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Thank you for taking time to share your perspective. I find it encouraging. By the way, what state are you in?
It’s in my screen name - CA
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