How to lock LOW interest rates for the newest REFI boom in the Bay Area.

How to lock LOW interest rates for the newest REFI boom in the Bay Area.

It’s a Refi Boom and you’re among the millions of homeowners trying to snare a low rate for your FHA Streamline or Conventional loan while they last.

The thing is, when rates are this low, the hardest part of a refinance isn’t locking the lowest interest rate. Low rates are easy to lock. The hard part is closing on the low rate being in position to lock and closing before the lock window expires.

Mortgage Underwriting Is Backing Up

Relating to mortgages, with each day that 30-year fixed rates stay below 4.500 percent, and that 15-year fixed rates stay below 4.000 percent, new mortgage applications find their way onto the metaphorical underwriting tidal swell of paperwork.

Underwriters are getting backed up; quickly. And now, most banks are “suggesting” that loans come with 45-day locks at minimum. A 45-day rate lock is more expensive than a 30-day rate lock, 15-day rate locks or more expensive than the 45 or 30 because the banks have to hedge loan fallout with more insurance.

If low rates persist, soon, 60-day locks may be mandatory and that’s even more costly.

Get Low Rates and Keep Loan Costs Low

Loans don’t get to under writing these days without a complete supporting paperwork and an appraisal. Therefore, if you’ve just started the steps of a refinance, or plan to, make sure you’re on the ball.

Gather your W-2s, your pay stubs and tax returns; return phone calls promptly; and, most important, let the appraiser in your home as soon as you possibly can.

Lock Your Mortgage Rate Now

Call my office today to get you in position to lock your low interest rate TODAY 925-708-5400.

If you would prefer to email me your questions email me here.

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