Tag Archive

Good Faith Estimate – Protecting Your Earnest Money

By ARDELL

Protecting your Earnest Money Deposit starts before your offer is written.  I highly suggest you do the following, before going out to look at homes for sale. It’s a little unorthodox, but very effective. 1) Ask your lender to base your pre-approval on the current interest rate PLUS.  I’d say +.50% to +.75% at this... »

Two Flaws with the new Good Faith Estimate

By Rhonda Porter

Let me begin by saying I think that uniform Good Faith Estimates are a huge step in the right direction. However, I’m quickly reviewing the newly revised Good Faith Estimate and HUD-1 Settlement Statement (beginning on page 46; link below) to see if any changes were made since they were unveiled. The two biggest issues that... »

Make Sure Your Loan is Locked

By Rhonda Porter

I’ve been communicating with a home owner who thought their loan was locked in at a certain rate only to learn that this is not the case.   Here’s their story: Their existing ARM reset in March.   In late February, they informed the LO they wanted to lock at  5.5%, no points, 30 year fixed, and close before April... »

Are you really preapproved or just prequalifed for a mortgage? Part 1

By Rhonda Porter

There’s quite a difference between being prequalifed for a mortgage and preapproved.   The letters that Loan Originators provide when requested for a prequal or preapproval may appear very similar.  In fact, I’ve talked to borrowers on the phone who thought they were actually preapproved, when all they really had was a Good Faith Estimate... »

RCG Reader Asks: Can You Beat this Rate?

By Rhonda Porter

I received this email from an RCG reader last night: “… My fiancé and I are moving…on the 23rd (our closing date). We still haven’t locked in a lender but we’re lined up to go with Wells Fargo right now. Wondering if you could give us a lead on better rate? We’re going for a 5/1... »

Joe Buyer and The Lending Treehouse of Horror: Part 1

By Rhonda Porter

I haven’t been around much at Rain City Guide over this past week or two.   I was up to my elbows “rescuing” a home buyer with their mortgage. This is their story.    “Joe Buyer” lives in California with his wife and young daughter who have decided to move to Washington.   In early April, they... »

Banker, Broker, Consumer Lender or Credit Union?

By Jillayne Schlicke

In this four part series of blog articles, I will outline the possible advantages and disadvantages of different types of lending institutions. I will also offer suggestions on how a consumer can help himself or herself before and during your loan process. First, a quick primer.  Consumers often tell me they think of the word... »

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