Mortgage Changes For Kentucky Home Buyers

By
Real Estate Broker/Owner with Lizette Realty - Richmond KY 205403

ge Changes

In the past, I have had clients that spent a lot of time chasing down the best rate for different lenders.
 
Well... pretty soon that exercise won't do you a bit of good.
 
 Starting April 1st, all lenders will have the same rate to offer buyers. There won't be anyone that can offer you a better deal. It will level the playing field.
 
What you will have to look for is the best service.Get expert advice on this.
 
 After all the years in real estate,I can tell you that all lenders do not work the same.
 
I know the ones that work hard, stay in close touch with clients and their agents, can get loans closed on time
or can troubleshoot with accuracy when sticky problems arise.
 
Ask me and I can give you a very short list.
 
Another change is that the lender will be required to check your credit report 3 times before closing.
 
  •  In the begining when you get started,
 
  •  when the loan package is sent to underwriting
 
  • and then at 12:01P on the day of your closing.
 
I can't stress enough not to be late on any payments, don't pay off credit cards and close accounts and don't go buy furniture or appliances before you get the house.
 
As a buyer's representative, it's my job to help my clients through the maze of  lenders, inspections, touring properties and offer good advice.
 
Our plan is to get you to a successful closing painlessly..

REQUEST A KENTUCKY RELOCATION PACKET!

Finding a new Kentucky home has never been so easy!

 

Just click on the links below.

LEXINGTON KY RESIDENTIAL HOMES FOR SALE

 RICHMOND KY RESIDENTIAL HOMES FOR SALE

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Lizette Fitzpatrick- Principal Broker at Lizette Realty.

For more information on Kentucky Horse Farms and Lexington KY real estate 

click on Lizette.us.

 Copyright © 2011 By Lizette Fitzpatrick, All Rights Reserved

 

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Rainmaker
539,635
Gwen Fowler-CRS- 864-638-3599 SC Mountains & Lakes--
Gwen Fowler Real Estate, Inc - Salem, SC
Gwen Fowler Real Estate, Inc.

A painless trip on an ever changing path.  The new mortgage broker's rules is making a lot  of people who have been in for years rethink their future...much the same as the real estate agents are doing.

Mar 03, 2011 12:00 PM #1
Rainmaker
410,651
Rodney Mason
Angel Oak Home Loans - Atlanta, GA
AL, FL, GA, SC, & TN

Actually, all lenders will not be offering the same interest rate.  Each lender will continue to still set their own interest rates.  They will also set their own closing fees (i.e. underwriting, processing, courier, credit report, tax service, etc). 

As for the credit reports, each lender will handlethat differently just as we do today and for the last several months.  Some will in fact pull a new credit report at closing.  Others will update the existing report with any inquiries since the report was initially pulled.

Mar 03, 2011 02:10 PM #2
Rainer
108,905
Melanie Hedrick
Elite Texas Properties, the best homes from McKinney to Dallas! - McKinney, TX
972-816-7205

Hi Lizette, I hadn't heard about this -- I'll need to check this out with my favorite lender -- Mr. Hedrick.

Mar 03, 2011 02:25 PM #3
Rainmaker
2,394,939
Evelyn Johnston
Friends & Neighbors Real Estate - Elkhart, IN
The People You Know, Like and Trust!

I too will check this stuff out.  Are you talking about a national or state ruling?

Mar 03, 2011 02:41 PM #4
Rainmaker
232,729
Ken Barker Realtor® GRI, E-Pro Certified
Dilbeck Real Estate - Burbank, CA

Lizette - Actually Rodney is right. There is absolutley no way that lenders will offer the same rates. They are program specific. There are rebates etc.. that the lenders will still be able to justify how to give back or use on toward the loan.

I can't stress enough not to be late on any payments, don't pay off credit cards and close accounts and don't go buy furniture or appliances before you get the house.

But THIS is such great information I wish more buyers would take heed to this.

Mar 03, 2011 03:00 PM #5
Ambassador
583,935
C Tann-Starr
Tann Starr & Associates, Inc. - Palm Bay, FL

 

Featured @ Club Chaos

Mar 03, 2011 05:30 PM #6
Rainer
18,004
Hilary Young
The Nines Team Realty - Lodi, CA
Team Assistant - The Nines Team in Lodi

I had never before heard about not paying off credit card balances. I would have thought that this would help the debt to income ratio. Perhaps this has to do with changing the balance in your reserve accounts?

Mar 04, 2011 07:14 AM #7
Ambassador
2,289,828
1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Every buyer needs a good buyer representative.. Anyone shopping in your area, needs to call you!

Mar 07, 2011 01:01 PM #8
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Lizette Fitzpatrick

Lizette Realty, Lexington KY MLS - Kentucky Homes
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