Rates are flat today. Bond prices have taken a hit this week and we just fell below the 200 day moving average this morning. I would suggest locking today on the short term. Today’s comparison rates with no lender fees are 4.625% on a 30 year, 3.75 % on a 15 year and 3.125% on a 5/1 ARM. (click here for details).

Happy National Social Media Day!

Google just launched their new social media platform called Google+ and I’ve got an opportunity to invite people to help test it out. To keep it simple, I’m going to invite my email subscribers. If you’re interested, make sure you’re signed up on Ratesinmotion.com and post on the Facebook wall or tweet at me if you’d like an invite. Since I’ll already have your email address in the database, this will be easy. First come, first served.

In today’s episode, I also talk about four things you should know about earnest money when you decide to put an offer in on a home.

Learn more in today’s episode:


(Watch it on your mobile phone or email reader here)

Lets talk about earnest money today. Earnest money is the money you give your Realtor as a deposit on the house you want to buy. This deposit shows the seller you are serious about buying the home. Here are a four things you should know about earnest money deposits:

1. These funds are held in the listing realtors account until closing. This money does not go directly to the seller.

2. Earnest money is always refundable if you would get turned down for financing reasons, as long as you include a finance contingency. You should always do this unless you are buying the house with all cash. If you back out of the transaction because you have buyers remorse you will definitely loose your earnest money deposit.

3. Cash does not work for earnest money. All monies in the transaction must be sourced and seasoned. A check from your parents or girlfriend will not work either unless they are on the loan. Only money you actually have can be used as earnest money. No loans either.

4. A larger earnest money deposit does not always get you the advantage of getting a house over someone else. The highest offer will do that vs a larger deposit. Make sure you cover where your earnest money is coming from with your lender. Once again, tell them everything.

Hey, if you get a chance, I would love it if you could help me in my mission to 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!

See you tomorrow!

– Mike

PS. To ask a question, get advice, or find out what your lender is making off 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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