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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)

Chances are you live in an area where extreme weather can hit. Tornadoes, hurricanes, floods, forest fires all can be a major roadblock in getting your next mortgage. Even if the house you are financing wasn’t directly affected by the disaster, it can and will affect your mortgage transaction.
Check it out in today’s video:

If the area the house is located in is declared a disaster area, you will need to make sure you are getting everything you need on the appraisal to make your new lender feel warm and fuzzy inside. Financing a house in a natural disaster area just doesn’t flow through underwriting. I am sure you know that. Right?
So today are just five things to be aware of when getting a mortgage when disaster strikes:
1. You will need another inspection. If a disaster hits after your appraisal is done and you are added to the disaster area, you will need another inspection from the appraiser. And if you were wondering. No, these are not free.
2. The appraiser must certify the property is free from damage and has no effect on value or marketability.
3. These inspections will be required for 120 days from the incident period end date.
4. Properties with non-standard appraisals such as drive-bys or a property inspection waivers will not be allowed. A full interior and exterior inspection will be required. Guess what! This isn’t free either. Get your credit card out.
5. FHA streamlines, with no appraisal, require an inspection as well. Value is not considered in this appraisal, just the fact it is free of damage and has no effect on marketability. There is usually a small trip charge for this one.
These additional inspections could cost you some extra cash and even cause some delays. So be prepared when mother nature decides to mess up your mortgage transaction.
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!
– 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.

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