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Rates are flat today. Today’s rates with no lender fees are 3.375% APR on a 30 year, 2.75% APR on a 15 year and 2.75% APR on a 10 year. (click here for details)

So lets talk about that pre-approval letter you have. So you have that piece of paper that says your ready to go buy a new home. But is it a piece of paper or a pre approval?
Check it out in today’s video:

When you are getting pre-approved for a mortgage it should take longer than a 10 minute phone conversation to get the approval.
In todays lending environment you need to make sure all potential issues are brought up during this process and not a few days before your loan closing.
So what does that mean to you? This means your loan officer should be asking for all your documents just like you already had a house picked out and submitting those documents to underwriting for approval.
The underwriting process is when most issues are brought to light. Most lenders out there, especially now that they are extremely busy may not take this extra step to make sure you are actually pre-approved.
Only accept a pre-approval from a lender that does all their due diligence at the time of application and goes through the underwriting process. This way you can be assured you will have no issues during your home buying process.
I know you realtors our there know what I’m talking about. If your a realtor – forward this video to all your borrowers. This will help prevent those nightmare situations where your are one day away from closing and you are still unsure if your buyer is getting their loan.
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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