Mortgage Rate Update and some 411

Today’s POV* came out and saw more than one Major Wholesale Lender repricing for the better.  Conforming rates at 4.875% with High Balance Conforming at 5.0%. SUPER Jumbos at 5.75%.  As always questions, scenarios or Sasquatch sightings can be sent to me at lololoans@yahoo.com

Now that I am done rendering unto Caesar what is Ceaser’s …ahem…cough…let’s clarify rate quotes.  Besides working for a Direct Lender, I also take an average of about 10 of my favorite “go to” Wholesale Lenders to get a good across the board average. Rates are always quoted at Par, and are absolutely guaranteed to be better than my buddy Miles with the green shirt pitching quick loans all over the media.

Lock that Boogie! Ok, the song was “Rock that Boogie” for all you Commander Cody fans but I digress.. Notice how I mention that most Lenders may ”reprice” during the day? They are hot on the heels of the day’s Financial Markets impact (notably the Bond Market) and can change their rates as many a 3-4 times a day. Keep this in mind when working with your Loan Professional as a quote an hour old can be obsolete. Remember to get that Rate Lock promise a) IN WRITING and b) NEVER pay up front to have a rate locked.   Get a 45 Day lock.  Getting loans through the minefield of requirements, disclosures and DNA testing now required it is pretty close to impossible to get a loan Funded 30 days from the Application, especially with the 3 day right of rescission on ReFis.

*POV = Plain, Old Vanilla Mortgage product: 30yr fixed, fully amortized, Single Family Residence, Owner-Occupied, at least 20% equity, higher rates and costs for that CLUELESS geezer driving around the Trader Joe’s parking lot…YOU know who you are!