|
|
|
How To Qualify For A Home Mortgage Loan
Are you considering applying for a mortgage loan to purchase your first home? If so, you should read the following tips below that will make the process easier! If You Have a Good Credit History It Is Easier To Qualify For a Mortgage By far the...
Locating a Home Mortgage
When it comes time for you to acquire a home mortgage for your first home or for a second home, or perhaps you are just looking to refinance. Whatever the case may be, it is important to shop around for a home mortgage.
When it comes to a home...
Maximise your compound interest, FREE mortgage quote
Compound interest is the very method that finance companies have made their money for many decades. However at last competition from a booming worldwide economy has forced the industry to give consumers a better deal.
Compound interest in a...
Refinancing Your Home Mortgage Loan With Bad Credit
There are numerous reasons a person has bad credit. Late or partial payments, missing payments, and too many outstanding debts could all be factors that have left you with a poor credit rating. If you want to refinance your current mortgage but are...
The 5 Secrets You Must Uncover to Pay Off Your Mortgage in the Shortest Possible Time
You’ve been making monthly mortgage payments for so long that the checks almost write themselves. But have you become financially complacent, failing to consider ways to decrease your payments or overall debt? Here are 5 secrets to paying off...
|
|
| |
|
|
|
|
|
|
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.
|
|
|
|
|
|