Rates are up today. Bond prices have declined this week due to the poor performing treasury auctions. 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).

Is your loan officer built for speed?

Delays are costly and irritating. When applying for a mortgage, you’ll need to make sure your loan officer is set up to get your loan closed as fast as possible. Here are five questions to ask your loan officer to make sure they are speedy!

Learn more in today’s episode:

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

I want to take a moment today to wish a very Happy Birthday a special something…something I spend more time with than my family, something that is always within arms reach, something I depend on every day.

Yes it’s the iPhone! Happy 4th Birthday! You changed the entire mobile industry forever and I thank you for it. I love you iPhone and I am sorry about bringing iPad into our lives, but it was necessary.

Click here for a neat infographic about the history of iPhones.

Here are my top five questions to ask your loan officer to make sure they are fast!

1. Do you have access to esignatures on your loan paperwork?

Esignatures will allow you to get a loan package from your loan officer and return it back to them without ever needing to print, fax, or mail anything. A few clicks of the mouse and your loan package can be returned. Paperless is the fast way (and green way) to go!

2. Do you have your own loan processor?

Some originators are set up to originate and process their own loans. This can delay the process if they have a lot of loans to get closed. The busier they are, the slower each one will be. Having their own processor is much more efficient.

3. What is your underwriting turnaround time?

Ask the loan officer how long it will take for their underwriter to look at their paperwork file to determine what else is needed to get your loan closed. 72 hours is pretty standard. I have heard of lenders taking 30 days to look at files. Find out first!

4. How fast can you respond to my questions and concerns?

Your loan officer is the captain of the ship from start to finish. If you cant get ahold of them you may get lost as sea and it will definitely delay your closing. Same day should be normal but 24 hrs is expectable.

5. How do I check the status of my loan to make sure its moving forward?

Lenders should have a online system that you can check your status of your loan anytime you want. If they don’t you better have full access to your originator through out the process.

All of these items will help expedite your loan process. Better to ask these questions up front, instead of 20 days into a loan nightmare. Hope this helps!

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 mortgage…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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