Profile picture for Rhonda Pulver Smith

Rhonda Pulver Smith's Advice

Contributions are sorted newest to oldest.

  • 4 Contributions
  • 0 Best Answers
  • 0 Helpful

Rhonda Pulver Smith wrote:

Change the Rate after Locking?

Answer
In addition to this question, ask your lender if they allow you to come down to a lower rate offered at any time before you close as well.  Having the ability to "float it down" is a great option when locking in your rate during a volatile period in the market.
August 20 2013
(0)

Loan application started at 1 bank but consider switching bank?

Answer
I realize that the temptation to watch interest rates is very high when you are at this stage, and it is understandable to feel this way.  You may be aware that there are several things taken into consideration when quoting an interest rate, and the 4.75% that you see may not be something available for your particular scenario.  I would suggest looking at the fine print of the lower rate for starters, and then considering the overall picture before switching lenders.Your current lender has made a commitment to the pricing department of the bank based on the rate you initially agreed to.  Not knowing whether or not you have spent any money, or if that lender has any cancellation fees, I would also weigh those into my consideration before switching.Finally, several lenders who offer "lower rates" may compromise in other areas that are just as important.  Additional costs associated, careful analyzation of the different options you have (such as explanations re:whether to pay points or not), service, quality, follow-through, meeting expectations, having the ability to easily reach your mortgage professional, etc...these are all things that are often overlooked because the public perception is that "rate is everything".  For instance, sometimes it makes more sense to take a higher rate and have the lender assist with your closing costs (if possible).  This option should be explored whenever possible if you are comparing which loan truly is the best one "for you".In the end, if you find that the second place truly can meet your expectations and that the terms of their loan are .375% lower for a locked rate, it would be nice to let the first lender know and ask if there is anything they can do.  Chances are that they cannot renegotiate the rate...but this isn't always the case.One other thought - depending on your loan size, .375% could make quite a difference in the amount of interest you pay over the life of your loan.  I would google an amortization calculator and crunch some numbers just to satisfy your concerns about savings.I hope this helps, and have a good night.  That closing can't come soon enough, can it? :)
January 11 2011
(0)

Can I qualify for FHA if my monthly income is not 31% of my mortgage?

Answer
Hi Jennifer,The short answer is yes...you can still do this.  There are caveats, such as how long have you received the quarterly commissions, etc...but a seasoned mortgage professional will lead you through the process with ease.  If someone is suggesting that you cannot get this loan simply due to the Debt Ratio being 31%, I would recommend a second opinion.  There are still several lenders available who offer guidelines without additional (internal) guidelines.  It's possible that you've spoken with someone who has such guidelines in place.  If you would like additional information, please feel free to contact me.
January 11 2011
(0)

loan toolbox

Response
I have been using LTB for a couple of years and I swear by the automated running of my marketing campaigns.  The response I get from the alerts that are sent out and all of the monthly newsletters and tidbits of information, has been tremendous!  It is worth the money any day of the week.  ACT will help with database management, but it doesn't create the things we loan officers don't have the time to create...not to mention that it is done with class and a professional branded image.  I hardly even think of my marketing any more...it's just done every month for me and I keep my database current.  IT'S GREAT!!!
April 26 2008
(0)
 
 
 
 
Sign in with Google