loan process: Why You're in Danger of Closing Delays (and how to avoid them) - 07/02/19 08:40 AM
  Closing delays are one of the many unintended consequences of recent government regulation.  Mortgage lenders are required to prepare a "Closing Disclosure" and adhere to the timelines illustrated below.  Any last-minute changes to your deal structure could cause delays of up to a week on purchase transactions, and up to two weeks on refinance transactions. Delays can be even longer if your transaction takes place anytime close to a federal holiday.

 
 
 
Here are five things you should consider doing in order to avoid unnecessary delays:
Write a longer timeline into your purchase agreement so that you don't … (2 comments)

loan process: How to Successfully Get a Mortgage in 2019 - 04/01/19 09:23 AM
 
If you've traveled in an airplane recently, you probably went through a security check at the airport.  These security checks are required by a federal law called the USA Patriot Act.  This very same law has a provision that requires mortgage companies, banks, and financial institutions to document your source of funds when you buy a house or refinance a mortgage.  In short, the US government has recruited mortgage lenders in its fight against terrorism!  In fact, lenders are required by law to ask you for:
The exact source of funds used for your down payment and earnest money deposit. … (2 comments)

loan process: 3 Things You Should Know About Loan Estimates - 07/16/18 06:03 AM
 
Beware! Not all Loan Estimates are created equal. Here are three things you should know about Loan Estimates, where all the closing costs are itemized.

#1 - The Rate quoted to you on Page 1 is not locked... unless the "Yes" box is checked! Mortgage rates are determined by mortgage bond prices in the bond market.  When bond prices go up, mortgage pricing improves and mortgage rates go down.  When bond prices go down, mortgage pricing gets worse and mortgage rates go up.  Bond prices are often volatile, just like stock prices.  The chart below illustrates how mortgage pricing got worse two times … (1 comments)