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hvcc: Rates are falling and my rate is locked! What do I do? - 06/26/09 01:50 PM
"I locked my interest rate at 5.5% and now rates are going down, what do I do?"
With rates returning to the 5% level and possibly going lower, many consumers who "locked in" their interest rate over the past 3 weeks are now left asking this very question.
First I must say, that you were not a fool for locking in a great rate in a volatile market when rate were rising. The probability that rates would continue to rise was just as great, if not greater than the chances they would fall. I say to clients all day long :"IF … (0 comments)

hvcc: What is a float down? - 06/26/09 11:23 AM
A float down is when rates improve after you have "locked in" your interest rate and the lender agrees to float your interest rate down to the market rate for that given day.
Q: Do all lenders offer this?
A: No. Every lender has a different policy. Some do not offer a float down option at all
Q: How do I know if the lender I am locked with will offer a float down?
A: Ask your mortgage broker. Ideally, you would want to ask this question prior to locking.
Q: What do I do if I am already locked and … (0 comments)

hvcc: What is HVCC? why does it suck? What can I do? - 06/26/09 11:04 AM
HVCC stands for Home Valuation Code of Conduct.
In short, it restricts the consumer as to who can perform there appraisal and puts it in the hands of a selected lender. This lender will order your appraiser through a NATIONAL company. This is significant because you will often have a an appraiser that lacks the necessary local knowledge to properly assess your home and give it full value.
It also commits you to that lender, if your or your broker decide it is in the best interest to utilize another lender, you must fork out another $4-500 for a NEW appraisal … (2 comments)

 
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Rockville, MD

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