Hola! Happy Cinco de Mayo today! Looks like the mortgage bond market is celebrating with us…Rates are DOWN!
Today I want to talk about how to get your mortgage loan through underwriting and closed as quickly as possible. Believe it or not, you play a major part in the process.
So, how can you get your loan done in a timely manner? The simple fact is that loans are more complex today than ever and they require more documentation than ever before. This is to limit the risk to the investor when they purchase the a loan. The other day, I heard one guy ask a loan officer if they need a blood sample too. He wasn’t joking.
I know the underwriting process can be frustrating and some of it seems ridiculous. However, there is a rhyme or reason behind this madness. Just remember almost all loan officers don’t get paid until your loan closes, so they are not trying to make your loan impossible.
Here is my tip of the day. Get everything your loan officer asks for upfront, as soon as possible! Once the initial underwriting is finished (usually about 48 hours from receipt of you full loan package) get the loan officer EVERYTHING they need to get your file “clear to close”. Don’t send them 3 out of 4 things they need…send them all!
If they ask for a 30 day bank statement don’t send them a statement only covering 28 days. Get them what they need…all at once….and as fast as possible. This will ensure a timely closing and that your lock does not expire. If your lock needs to be extended, your loan officer can no longer cover that extension for you out of their compensation.
It’s all you, senior or seniorita. So don’t dilly daddle. Take my advice.
Fighting the extra stips or disputing the fact that you shouldn’t need them or saying I didn’t need this last time I did my loan will do nobody and good. It may be true BUT a waste of everyone’s time.
Rates are DOWN today!! Whoo hoo!
Mortgage Bonds are trading higher today. The market moved just enough for rates to get better. This is ahead of the April’s jobs report that will be released tomorrow morning. In this market I think today is a great day to lock!
Today’s rates with no lender fees are 4.625% on a 30 year fixed, 3.75 % on a 15 year fixed, and 3.125 % on a 5/1 ARM. Get the details and other rates I found today with NO lender fees.
Please don’t forget to share today’s episode and let’s change the way people shop for a mortgage…forever!
See you tomorrow!
To ask a question, get advice, or find out what your lender is making off your loan, just post a comment with your question.
I love interaction!