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Mortgage Delinquencies: Fact and Fiction
Kenneth Harney, a highly respected columnist for the Washington
Post, expresses surprise in his column recently because home
buyers in high-cost parts of the country like California,
Hawaii, Boston and Washington, D.C. are not leading the...
Mortgage Refinance: 4 Ways To Know It's Time to Refinance Your House.
You may want to refinance your home for several reasons.
1)Mortgage Rates might be lower now. The biggest reason that people refinance their mortgages is to save money. No matter what has happened to you, there is always a good reason to start...
Mortgage Refinance - Tips To Help You Cut Fees And Costs
Saving money through a mortgage refi is more than just finding the lowest interest rates. You can further cut fees and costs through the structure of your loan, avoiding PMI, and buying lower interest rates. Close Credit Card Accounts Close...
Overcome YOUR Fear of Refinancing your Mortgage
You see the rates coming down. You hear about the great refinancing deals your friends are getting, but you haven't taken the leap. This was me 6 months ago. I am writing to say I have overcome my fears and it was WORTH IT !.....
Refinancing...
What the Bank Won’t Tell You About Mortgage Refinancing
So you have a mortgage, and you need to refinance to get your interest rates low. Most people simply walk into their bank, ask to refinance, and then end up paying more money long term than they would have otherwise. Some banks would like everyone...
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Your Mortgage Rate Lock - Don't Let It Slip Away
It's a great feeling to know that you have locked your interest
rate. You can now close your dream home with the payment you can
afford. No worries about a volatile market. However, it is
important that you read and completely understand the lock
agreement that you signed with your lender.
Each state has different wording on the form, but it all comes
down to disclosing the terms and conditions of the lock. The
form will spell out the loan program, loan amount, loan type,
interest rate, origination fee, number of lock days and lock
expiration. Some even charge an up front non-refundable fee.
Closing on time means that the lender must disburse the funds by
the expiration date. But what happens if the lender does not
close on time? The lock agreement should clearly state what
would happen. The loan will probably be locked at the higher of
the previous lock price or current pricing. In rare cases the
loan program could be discontinued
altogether.
Make your application journey a happy one. Discuss with the loan
officer up front if the lock days are enough to meet the closing
target date. Many loans require an appraisal. This is a key area
and can be a time consuming part of the process. If the sales or
refinance market is hot in your area it could take longer than
normal to complete the appraisal. Be sure and cover estimated
appraisal turnaround time with the loan officer during
application.
During the loan process be sure and return any documentation
quickly to the lender when asked. Be available to sign escrow
papers in a timely manner. When the loan is funded, and you get
the keys, it's a great feeling to know you closed your loan
exactly as you hoped.
About the author:
Bill Wehr has been in home loan origination for over 25 years.
He is the owner of Great Pacific Northwest Mortgage
http://www.billwehr.com , a residential mortgage company serving
Oregon and Washington.
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