Rates are flat today. Today’s rates with no lender fees are 3.625% APR on a 30 year, 2.875% APR on a 15 year and 2.875% APR on a 10 year. (click here for details)
I think it time we get back to the basics today. By that I mean how to really give your loan officer the correct information they need to make sure you are not going to have any troubles getting your loan to closing.
Check it out in today’s video:
Now, in the effort of full transparency your lender should be asking you these questions at the time of application. Truth is – Most don’t. It’s probably because by asking all these questions they might give you the impression that mortgages can be difficult and even the slightest thing can get you disqualified.
I prefer the honest approach. So here is a little mortgage protection for you today. Here are 15 things your lender should be asking you and you need to have an answer for.
Here we go, in no particular order:
1. Are you in the process of a divorce? Sounds silly but it happens all the time.
2. Do you have any unreimbursed expense from your employer? This will effect your income.
3. Is your house for sale or currently on the market? Obviously for refi only. Some lenders have specific guidelines for this. This IS a big deal.
4. What is your opinion of value? How did you arrive at that number? Be honest!
5. If owner occupied? Do you have any other homes that don’t show up on your credit report? You know maybe that condo you paid cash for in Florida for your parents.
6. Are you in the process of remodeling/updating your home? Come on guys. don’t gut your kitchen during the refi process.
7. Do you have a second mortgage? If yes – Are you going to pay off or subordinate it? It makes a big difference.
8. Are you available for the next 30 days so we can close on time? Going away for the week when you lock is about to expire is not smart. Lock extension are expensive.
9. Any large deposits or a lot of activity on the account you hold your funds in? This is a big deal. If you have a meth lab in your garage and are depositing cash in a account with no paper trail it will pose a problem for both your mortgage transaction and with these guys.
10. Have you been turned down by another lender in the last 12 months? If yes WHY? Again, be honest.
11. Have you filed your income taxes this year and all other years? don’t be dogging the IRS and then go looking for a mortgage. Its not happening.
12. Do you have any intentions of changing jobs in the very near future?
13. Is the house you are buying a foreclosure? These can take extra time to close.
14. Are there any issues with the house that the your lender should be aware of up front? They will find out eventually. Be honest.
15. Where is the down payment money coming from and is it all your own funds? Another big one. Gift money is not your own funds.
All of these things can kill or severely delay your mortgage transaction. Being honest up front will prevent a mortgage nightmare.
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 mortgage…forever!
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.
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