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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)

So today’s topic is about underwriting. Sound boring? It is…but the truth is it will make or break your next mortgage transaction.
Check it out in today’s video:

What is it and why do you need it? Well it’s simple, your loan officer will take your detailed mortgage application and enter it into an automated underwriting system or AUS.
This basically looks at your entire financial picture and determines how much money you can afford to borrow, and how big a risk you are.
It then spits out a list of underwriting guidelines or “stips” that you must meet before you are clear to close on your mortgage.
Because of the pain-in-the-butt investor overlays, a couple of stips may be added to the list. This is normal…DO NOT fight these.
Just get the items your lender is asking for and you will stay on track to get you mortgage closed in the timeframe set by your lender.
One more side note here – No exceptions are ever made…You could have the best credit score ever and a very low LTV but you still need to document your income like everybody else.
The reality is nobody cares that you didn’t need that document last time. You need it this time!
That’s all I got for today. Just remember…Get your lender EVERYTHING they need in order to make your mortgage transaction as smooth as butter.
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.

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