Rates are flat today. With no big economic reports out today, expect more of the same. I recommend locking if you can. Today’s comparison mortgage rates with no lender fees are 4.0% on a 30 year, 3.25% on a 15 year and 3.0% on a 5/1 ARM. (click here for details)
I have a little fun today with a serious issue…skeletons in your closet when trying to get a mortgage approved. I share 10 secrets you should tell your loan officer to prevent painful underwriting issues. Check it out and share it, it’s a fun one today!
Also, it’s #FollowFriday and I highly suggest you show Chris, Ricardo, and Matthew some Twitter love.
- Chris Apple (Real Estate web developer)
- Ricardo Cobos (Likes to talk shop with me on Twitter)
- Matthew Shadbolt (Inman News – 2011 Social Media Innovator of the Year)
It’s all in today’s episode:
For more information on the Swedish Skeleton House click here. It’s an interesting story.
It is essential that you are completely honest with your loan officer! Anything you “forget” to tell them could end up killing your mortgage application. Here are the top 10 skeletons I find in mortgage borrower’s closets:
1. You are getting a divorce.
2. You didn’t file this year’s tax returns.
3. You are in the middle of a lawsuit.
4. You missed a mortgage payment during the process of your refinance.
5. Your house is under repair.
6. You switched jobs or were fired.
7. You inflated the value of your house.
8. You have unreimbursed expenses.
9. You have a high debt-to-income ration because you bought a car during the mortgage transaction.
10. You have large deposits in your account that can’t be sourced.
Let’s change the way people shop for a mortgage…forever!
Have a great weekend!
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