With rates at record lows, all lenders have recently seen a sharp increase in loan applications.  Remember also, lenders have dramatically reduced their staff over the last 18 months to cut cost.  This means timeframes needed for underwriting, approvals and closing have become longer than normal. 

There are a few things you can do to protect yourself.  First, consider longer lock in time frames.  60 days instead of 30.  I have several lenders who've recently priced 60 day locks the same as 30 days.  They realize 30 days isn't enough and incent customers to select 60 day locks.   

Next, responding quickly to requests for information or documentation is important - the faster the file is submitted and approved, the better off we are to keep that great interest rate protected. 

Finally, be aware it may be a smart idea to pay points to gain the best interest rate - and sometimes is even necessary in today's market.  Fannie Mae and Freddie Mac have recently imposed more "risk-based pricing adjustments", meaning even credit scores and loan to values which in the past would have been considered very low risk, may now be subject to mandated fess by Fannie and Freddie.  

Right now is still an excellent time to act, before the great low rates of today get away from us.   Don't try to squeeze every last drop out of rates.  It's an impossible task.  If you are within a quarter percent of the lowest rates offered in the history of our country, you did very well.  And rates always shoot up higher at a much faster pace than when they dip lower.  But let's be smart - call or email for information on how we can get started right away.