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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)

Well, in your venture to get the best possible deal you should be looking at lock times. The time the loan is locked can have a big difference in your pricing. So let’s talk about a few items that could potentially hold up your mortgage transaction and require a longer lock time.
Check it out in today’s video:

The first thing you should be aware of is that each mortgage company has their own turn times for underwriting an processing. These turn times have a direct impact on the rate and cost you receive from you loan officer.
The other big factor right now is the appraisal. Appraisers are overloaded with orders and in some cases have a 3 – 5 week turn time. That’s right, 5 weeks
One more factor is – and in my opinion this is the biggest one – it is you. Yep, you right there watching videos on the internet. When documents are required for a mortgage transaction it is up to you to get those document to your loan officer as fast as possible and without resistance. You can’t negotiate your way out of conditions.
So to sum it up today – don’t lock your loan on a 30 day lock if the appraiser is 5 weeks out. Don lock your loan on 30 day lock if underwriting is 30 days out. Be smart when locking your loan and you won’t be stuck with a major lock extension. Extension are not cheap.
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 mortgage…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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