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Rates are flat today. Today’s rates with no lender fees are 3.5% APR on a 30 year, 2.875% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)

Delays: who needs them and who wants to pay for them? No one, that’s who. When you apply for a mortgage, you need to make sure that the loan officer you are working with can get your loan done in 30 days or less.
Check it out in today’s video:

The faster your loan gets to closing the better. So today, I have 5 questions for you to ask your loan officer to see if they can get the job done in that time frame.
1. Do you have access to e-signatures on your paperwork? It’s paperless and with a few clicks of the mouse, your loan package can be signed, sealed and delivered.
2. Do you have your own designated loan processor? Having someone else process the loans is much faster. If your loan officer is also processing your loan it could cause some delays. Extra work = extra time!
3. What is your underwriting turn time? 48 hours is a common timeline for underwriters to look at your file and determine what else you need to close your loan. If it’s anywhere from 5 – 15 days before an underwriter will even look at your documentation, you’re working with the wrong lender.
4. How fast can you respond to my questions and concerns? An open line of communication is key. Same day should be normal but within 24 hours is acceptable.
5. How do I check the status of my loan to make sure its moving forward? Lenders should have an online system that will allow you to check the online status of your loan anytime you want. If they don’t, you better have full access to the originator.
Ask these time saving questions up front and they will help expedite your loan process from the get go. Delays are a pain and lock extensions are costly. Make sure you are asking these questions up front so you know what to expect.
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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