Rates are flat today. Today’s rates with no lender fees are 4.0% APR on a 30 year, 3.1250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)


Today I want to discuss the importance of paying attention to the details of your loan transaction. In today’s lending environment it is extremely important to make sure you dot all the i’s and cross the t’s. Now I am sure that isn’t a surprise to most of you.

Check it out in today’s video:


But what does that mean to you really? Well, let me give you a few examples that will help save you some time with your loan in underwriting and hopefully prevent a lock extension or more work for you, and your loan officer and processor.

The first thing to pay attention to is the page number on any document you are asked to supply. So if you are being asked for a bank statement – you can’t just send the loan officer the first page of the statement. If it says there are 13 pages, you need all 13 pages; not 11 of 13 – all 13.

It’s also important to note that bank statements also should have your account number, full name and bank name on the statements. Some online printouts don’t have this information, which will not work.

The other thing to consider is if you need the last two paystubs from your employer, and you get paid tomorrow. Wait and give your loan officer the most recent information you can.

The big one is usually tax returns. If you need to supply complete tax returns – make sure you include all schedules and pages as well. Again, the first two pages will not work! I know some of this can sound silly to you, but the truth is these things slow your mortgage transaction and can cost you money – not to mention the time you have to spend resending information again and again.

So the takeaway from this should be that the devil is in the details, and if there is a question of if you need it or not, send it anyway. Paying attention to those details will prevent a mortgage headache.

OK, it’s Follow Friday again for you crazy Twitter fans. Check out these crazy Twitter fanatics, and show them some Twitter love:

Burt Helm Business Senior Writer for Inc. Magazine

Shelby Skrhak Web editor for Success Magazine

Marty Wolk Executive business editor for msnbc.com

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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