MortgagesUndressed

If you locked, you should have taken an application. Your credit report should have been performed. Your lender should have you approved by automated underwriting. You should have received a copy of your good faith estimate, you should have a copy of a Truth In Lending Statement.

If you locked you should have a copy of a lock form from your loan officer verifying the terms of the lock.

We picked December 22nd as our closing date as later is dangerous with the Chrismas and New Year Season. Not a good time to close a loan folks. With that in mind you have only 19 days to close, probably 17 days maximum to sign, which means at most 14 days to be ready to have your documents created. Time is running out. Do you see why you need a good loan officer. In no time at all you are under pressure. If you close late, you may lose your lock. No one will be sure of funding you after the 23rd, too much is uncertain.

If you didn’t lock as the investor John Daly proposed, time is running out on that too, you have two weeks for rates to improve and in that two weeks they can go against you. Let’s check rates tomorrow. In reality, if you didn’t lock and do have a loan in process you will have called your lender every day to check rates. Heck you might have 14 or more phone calls to make, just about your interest rate. What a pain.

Larry Cragun.