faq: Let's Talk Rate Lock Fees - 09/01/22 02:16 PM
Rate Lock Fees
 
When getting a home mortgage, at some point along the way in the loan process, you have to "lock in" your interest rate.  Locking in guarantees the rate you're locked at.  If the market gets worse and average rates go higher, if you're locked in, you're protected.  Typically, if the market improves slightly and rates come down some, you're still locked into the locked rate.  If the market moves a lot, and rates come down substantially, most lenders will offer the opportunity to reduce your rate, or at least meet you half way with what's called a "float down".  … (14 comments)

faq: Why Are My Credit Scores Different? - 08/31/21 07:09 PM
Why Are Credit Scores Different? 
If you’ve shopped around for any kind of loan, one of the things you likely noticed is that the credit score a lender pulls seems to be different, sometimes by quite a wide margin, from what you see when tracking your own credit scores.  What gives?  It comes down to how credit information is reported, which scoring models a lender uses, and how the algorithms work within that scoring model.  Seem complicated, and maybe somewhat confusing?  It is!
 
How Information Is ReportedMost people know that there are 3 major credit bureaus – Experian, Equifax, and Transunion, but many … (20 comments)

faq: What is a "Rate Lock" - FAQ - 06/21/17 05:15 PM
What is a "Rate Lock"
 
     When a mortgage applicant is pre-approved for their home loan and the file is officially submitted, one of the early steps is discussing the rate lock.  A rate lock is exactly what it sounds like.  The rate of the mortgage loan is locked in for a certain period of time, usually 30-45 days if done early in the transaction.  The rate lock protects applicants from volatility in the mortgage rate market, and after locking in, an applicants rate will remain unchanged even if the market rates move higher.  This is an especially useful tool in … (9 comments)

faq: Can I Switch Mortgage Lenders if an Appraisal is already done? - 05/20/15 09:03 AM
Can I Switch Mortgage Lenders if an Appraisal is already done?
 
 
     In a word, YES.  You can.  In an explanation, like so many things in the mortgage world, it's a gray area.  Some lenders won't accept them at all.  Others will require a borrower use a certain loan product if they want to use another lender's appraisal. 
 
     For what sounds like a very simple process (using an appraisal that's already done), there can be a lot that goes into it, and what is needed varies from lender to lender.
 
 
     When dealing with lending staff that knows what they're talking about, … (38 comments)

 
John Meussner, #MortgageMadeEasy Fair Oaks, CA 484-680-4852 (Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI)

John Meussner

#MortgageMadeEasy Fair Oaks, CA 484-680-4852

Fair Oaks, CA

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Mortgages in AZ, CA, CO, DE, FL, GA, IN, MD, MN, MT, NC, NJ, NV, OK, OR, PA, SC, SD, TN, TX, UT, VA, WI

Address: 23441 S Pointe Dr, Ste 110, Laguna Hills, CA, 92653

Office: (949) 247-7530

Mobile: (484) 680-4852



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