Lewis Poretz ---- Open Mortgage

Amen Patty !! - and tell everyone there is still plenty of mortgage money and loan approvals to go around..... The media can be our friend and they can also influence consumers in the other direction. - Tue Dec 9 2008, 15:02

My suggestion - If you love the house and you are getting a great deal, send them a copy of the automated underwiting findings or anything signed off on by the underwriter in addition to your credit report. No, you do not have to furnish this. A few years back in the hey day if you did not furnish these documents they would have never considered your offer. I think it is a fair request especially if you are getting a great deal. If you feel the seller is unreasonable and continues to ask for additional items that drive you nuts, move on. There is a mortgage crisis going on and houses are not selling. Move on to the next one and tell the seller good luck finding another buyer..... hope this helps... - Tue Dec 9 2008, 08:40

Patti, since you said it first :-) - if you are paying points to get 6.125% I say pull the plug if your lender is not willing to renegotiate. If it is 6.125% and no points that's a tough call..... Did you pay for your appraisal already? If so, you own it and they have to give it to you. You even sign a disclosure that says you have a right to receive it.

You have plenty of time to get this deal done if you are 800+ scores with 20% down and have a complete loan package. Most competent mortgage companies would need about half and hour to clear your loan. Are you paying points and other fees at 6.125%? remember, that appears to have been a 45 day lock at the time you commited. Which seems to be a pretty good deal at the time.... if your deal is "cleared to close" and you can see you settlement statement today I say stay where you are at. It's almost like taking points of the scoreboard... if you are done just leave it alone.... If your lender is still asking you for things... well, with your scores you might want to make a phone call or two. Hope this helps..... It is a very touchy subject for loan officers to comment on without throwing a fellow loan originator under the bus.... - Mon Dec 1 2008, 18:46

Steve - if you tell us what kind of loan you are getting ( FHA, VA etc... ) how much your putting down and your credit score, many of us will be able to advise you if you still have a good deal or not. - Mon Dec 1 2008, 15:41

Look at it like this - If you call your stock broker and ask for a quote on Disney and they tell you a price and you buy it, then later that afternoon it gets cheaper, what would your broker say if you called him back and said you wanted the better price? When lenders lock a loan they are locking a forward commitment. If they have lock "fallout" - ( loans that are locked and do not close ) - then they will not be able to get premium rates or possibly will even be cut off by that investor. We are seeing this more and more in the industry.

Lock commitments are typically never charged and are not an allowable charge in many states. So as mortgage lenders, we do our best to make sure these are solid deals when we sell them and lock them with investors. Rate negotiations are usually available upon big movements in the mortgage markets but typically come with a charge in the neighborhood of .25% of the loan amount. This has always been difficult for mortgage professionals to explain, especially in a market when rates are plummeting.

Hope this helps.... - Mon Dec 1 2008, 14:39

Whitney - there are many mortgage calculators on the net. But we need to know a few things first. Do you qualify? What type of loan? How much money down? etc.... the days of " what's your interest rate" are gone. - Sat Oct 18 2008, 09:42

Seek high quality advice from a mortgage professional. Contrary to media hype, banks are in fact neding money. FHA loans DO NOT require golden credit. They do require loans that make sense, that benefit the borrower. Now more than ever a complete loan package is a necessity to turn into FHA underwriters. A tightly packaged loan with solid letters of explanation and ratios that are in line are easy to get approved. Find a loan officer who KNOWS THE GUIDELINES and you will be just fine. - Thu Oct 16 2008, 17:56