Rates are flat today. Today’s rates with no lender fees are 4.0% APR on a 30 year, 3.250% APR on a 15 year and 3.0% APR on a 10 year. (click here for details)

OK – today’s topic is going to be – the top five things your loan officer wants to tell you but never will – or at least won’t tell you straightforward as this.

Check it out in today’s video:

5. I know you don’t need those documents when you did your loan five years ago. I get that. I didn’t need 20 hours of education, eight hours of continuing education, a national and state license, a background check, fingerprints, a credit report or have to pay thousands of dollars to get and stay licensed to just do my job. But – I did all that because things change.

Oh – and I can tell you right now I will not need a blood or urine sample at this time. But if an underwriter asks for it. You will be the first to know.

4. Yes, market got a little bit better today, and NO I cannot relock your loan. I didn’t call you three days after I locked you when rates went up to relock you either. I thought that would be rude.

3. I totally understand your house appraised a lot higher in the past – so did the rest of the country. However, I can’t help that five people in your neighborhood went in foreclosure or that your neighbor who has a house identical to yours sold his house two months ago way under market value. Please call and yell at him instead.

2. I know you don’t want to pay for your lock extension. That is why I called you, emailed you and was trying to track you down for over a week to get the information I requested. BUT – time is money my friend. I know I can’t pay for it. The government won’t let me. Call your Congressman.

1. Yes, if you threaten to sue me because your file got turned down or has underwriting issues, I will automatically clear your loan for closing. You found the secret saying. Congratulations! Don’t tell anyone!

Hey – these all came from loan officers around the country. Don’t look at me!

But seriously this was all in good fun today. The truth is your loan officer is on your side. He or she doesn’t get paid until your loan closes. You both are working together to accomplish the same goal. Make sure you understand that before you yell or try to sue a loan officer.

If you are a loan officer forward this video to your entire database. If you are a consumer looking for the best deal, laugh and send this to everyone you know as well.

And in the spirit of fun, I am running a contest on the Rates in Motion Facebook page for the funniest clean joke posted. The winner will win an Apple TV. So go post your favorite clean joke. Make me laugh!

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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