Rates are flat today. 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)

There are only nine more days until Christmas and it’s usually a time when people put off trying to buy or sell a home.

So as we approach the holidays, people are holding off on buying a house or even listing their house until next year. Hey I get it! You have s*** to do and let’s be honest most people are mentally checked out of the process right now.

Check it out in today’s video:


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

However that doesn’t mean you can’t get organized so when you are ready to jump back in you have no hang-ups. So here are 5 tips today for buyers and sellers this time of year. If you are looking to refi, you don’t have an excuse to wait. Rates are amazing, get to it!

1. Make sure your credit is good to go and do not charge up your credit cards. I am serious. Don’t use your credit cards. This can, and will, screw up your pre-approval. I am talking to you, Mr.-I-want-to-buy-my-kid-a-new-four-wheeler-on-my-master-card.

2. Have your lender and realtor picked out ahead of time. Do some research and find the professional you want to work with and make sure you are all on the same page. A successful loan closing takes a team effort. There is no “I” in team, unless you are Spanish. “Equipo.” Look it up!

3. Mo money, mo money and mo money. Build up your cash cushion to close. Don’t cut it down to the dollar. If for some reason you can’t source or season a few hundred dollars, which you got as a gift or online gambling, you will delay closing. Cash is not king in the mortgage biz. Documentation is.

4. If you’re buying or selling, now is the time to get rid of your crap that is just sitting around and cluttering up your space. Sell that treadmill you bought last year that you only use when your friends are drunk and want to see how long they can stay on it. Or better yet, donate all the stuff you don’t use or need to someone that does. It will make you feel warm and fuzzy inside.

5. Do not make any major financial moves until you close on your house. Don’t switch jobs, don’t move money around don’t do anything. Do not even sign up for a lousy credit card. This is no joke. I have seen a new furniture purchase end up costing someone their new home. It’s not pretty. It was a nice couch though.

So if you’re out of the market the next couple weeks to enjoy the holidays take that time to get organized and be prepared. That will ensure you will be in a new home next year.

It’s Follow Friday again! Follow these three crazy twitter fanatics and show them some twitter love. You will be glad you did!

Kentucky Real Estate
Ken Montville (Realtor in College Park, MD)
Chris McLaughlin (Short Sale & Real Estate Expert in Tampa)

Go show them some Twitter love!

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. 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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