Comments on: Quick reminder to lock in your mortgage http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/ Seattle's Leading Resource for Real Estate Information Sun, 08 Nov 2009 01:47:42 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: Rhonda Porter http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178487 Rhonda Porter Sat, 08 Sep 2007 14:22:23 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178487 Hank, One question I forgot to ask was when are you closing (how long is your lock). I'm going to assume closing in 30 days. A non-owner occupied at 80% has a 1.5-2% hit to fee (as compared to own. occ). If your loan was locked on Wednesday at 6.625% with low closing costs (true costs priced into the rate) and a orig./discount of 0.125%; that's sounds like a screaming deal (actually sounds too good to be true). Rates are better today than Wednesday and 6.625% at 0.125% with low cost is still pretty incredible for a NOO 30 year. Can you fax your GFE to me at 206-202-8212 or email it? I'm wondering if there's a prepayment penalty on your mortgage. NOOs have higher closing costs. The appraisal can be around $700 vs. $400 for own. occ. It's possible that the AUS will reduce the type of the appraisal required depending on how qualified the buyer is. Again, Hank. I would love to review your GFE for you (at no obligation to you). Hank,
One question I forgot to ask was when are you closing (how long is your lock). I’m going to assume closing in 30 days.

A non-owner occupied at 80% has a 1.5-2% hit to fee (as compared to own. occ). If your loan was locked on Wednesday at 6.625% with low closing costs (true costs priced into the rate) and a orig./discount of 0.125%; that’s sounds like a screaming deal (actually sounds too good to be true).

Rates are better today than Wednesday and 6.625% at 0.125% with low cost is still pretty incredible for a NOO 30 year.

Can you fax your GFE to me at 206-202-8212 or email it? I’m wondering if there’s a prepayment penalty on your mortgage.

NOOs have higher closing costs. The appraisal can be around $700 vs. $400 for own. occ. It’s possible that the AUS will reduce the type of the appraisal required depending on how qualified the buyer is.

Again, Hank. I would love to review your GFE for you (at no obligation to you).

]]> By: Hank http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178480 Hank Sat, 08 Sep 2007 14:08:16 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178480 Rhonda - thanks. It's a 30-year fixed with 20% down. What do you think? Rhonda – thanks. It’s a 30-year fixed with 20% down. What do you think?

]]> By: Rhonda Porter http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178298 Rhonda Porter Sat, 08 Sep 2007 02:50:40 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178298 Hank, what is your loan to value? What type of property is it? Is it a 30 year fixed? Investment property has a much different interest rate than owner occupied. I'll check this out for you if you can answer my questions above. :) Hank, what is your loan to value? What type of property is it? Is it a 30 year fixed?

Investment property has a much different interest rate than owner occupied. I’ll check this out for you if you can answer my questions above. :)

]]> By: Hank http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178295 Hank Sat, 08 Sep 2007 02:02:14 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178295 So I locked in my mortgage Wednesday of this week. I have great credit, and this is an investment property -- my first. I got a rate of 6.625% paying a fraction of a point (0.125%). And my closing costs are low -- this I know for sure. But after reading that people are getting rates around 6.0%, I'm wondering if I got screwed. But maybe it's because I'm buying an investment property that it's that much higher? Someone tell me that I did good. Or that I didn't. I just need to know so that I'm wiser next time around. So I locked in my mortgage Wednesday of this week. I have great credit, and this is an investment property — my first. I got a rate of 6.625% paying a fraction of a point (0.125%). And my closing costs are low — this I know for sure.

But after reading that people are getting rates around 6.0%, I’m wondering if I got screwed. But maybe it’s because I’m buying an investment property that it’s that much higher?

Someone tell me that I did good. Or that I didn’t. I just need to know so that I’m wiser next time around.

]]> By: Portland Oregon Real Estate Agent Blog » Are we prepping for a buying binge? http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178235 Portland Oregon Real Estate Agent Blog » Are we prepping for a buying binge? Fri, 07 Sep 2007 22:17:39 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178235 [...] P.S. By the way, if you haven’t already, lock your mortgage rate today, according to the pros. [...] [...] P.S. By the way, if you haven’t already, lock your mortgage rate today, according to the pros. [...]

]]> By: Rhonda Porter http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178220 Rhonda Porter Fri, 07 Sep 2007 21:29:09 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178220 The Wall Street Journal is reporting that Countrywide will lay off an additional 12,000 employees. This figure and many of those in the mortgage profession (10s of thousands) have not been figured into the figures that were published in the Jobs Report today. The Wall Street Journal is reporting that Countrywide will lay off an additional 12,000 employees. This figure and many of those in the mortgage profession (10s of thousands) have not been figured into the figures that were published in the Jobs Report today.

]]> By: Friday’s Rates featuring the 30 Year Fixed (now under 6%) | Rain City Guide | A Seattle Real Estate Blog... http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178193 Friday’s Rates featuring the 30 Year Fixed (now under 6%) | Rain City Guide | A Seattle Real Estate Blog... Fri, 07 Sep 2007 19:54:55 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-178193 [...] Friday’s Rates featuring the 30 Year Fixed (now under 6%) September 7, 2007 This morning’s Job’s Report was a bit of a surprise coming in at a loss of 4000 jobs vs. a gain of 110,000 new jobs causing Wall Street a bit of grief.  Adding to that the negative revisions that were made to the last two month’s figures gave this month’s Job’s Report the dubious honor of being the worst in four years.   Typically bad news for stocks is good news to bonds. [...] [...] Friday’s Rates featuring the 30 Year Fixed (now under 6%) September 7, 2007 This morning’s Job’s Report was a bit of a surprise coming in at a loss of 4000 jobs vs. a gain of 110,000 new jobs causing Wall Street a bit of grief.  Adding to that the negative revisions that were made to the last two month’s figures gave this month’s Job’s Report the dubious honor of being the worst in four years.   Typically bad news for stocks is good news to bonds. [...]

]]> By: Rhonda Porter http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-177951 Rhonda Porter Fri, 07 Sep 2007 02:26:02 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-177951 That bites! Sometimes I'll talk to borrowers who believe they are locked because they have a good faith estimate or they're literally "floating" along the transaction and signing preliminary loan papers that have interest rates on them...not understanding that they are not locked. That bites! Sometimes I’ll talk to borrowers who believe they are locked because they have a good faith estimate or they’re literally “floating” along the transaction and signing preliminary loan papers that have interest rates on them…not understanding that they are not locked.

]]> By: kermit johnson http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-177949 kermit johnson Fri, 07 Sep 2007 02:19:33 +0000 http://raincityguide.com/2007/09/06/quick-reminder-to-lock-in-your-mortgage/#comment-177949 Get a written lock agreement? You can say that again! I have had clients who got ripped off because the loan officer told them they were locked, but when we got to closing the numbers were bigger than what the clients were expecting. We called the loan officer and he says "Oh, I don't think you were locked. Do you have any documentation for that?" There was a lot of yelling and screaming, and the lender waived a few fees just to get it closed, but the buyers still got hosed. Get a written lock agreement? You can say that again! I have had clients who got ripped off because the loan officer told them they were locked, but when we got to closing the numbers were bigger than what the clients were expecting. We called the loan officer and he says “Oh, I don’t think you were locked. Do you have any documentation for that?”

There was a lot of yelling and screaming, and the lender waived a few fees just to get it closed, but the buyers still got hosed.

]]>