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Never sign a loan document without understanding these three sections: 1. The Interest Rate Make sure the rate on the final disclosure matches the rate you were promised. 2. The Escrow Requirements Check if the lender is forcing you to maintain a high “cushion” in your escrow account. 3. Rate Locks Ensure the document states … Read more

In a seller’s market, speed wins. A slow lender can kill a deal. The “Closing Contingency” If your contract requires a 30-day closing and your lender takes 45 days, you risk losing your earnest money deposit. Why Automation Matters Lenders with “Digital Underwriting” systems can clear conditions on your loan in hours. Lenders using paper-based … Read more

The Case for Local Lenders Local lenders know the market value of neighborhoods and often have strong relationships with local real estate agents. If there is a problem with the property appraisal, a local lender can often resolve it faster. The Case for National Lenders National lenders have massive departments and deep liquidity. If your … Read more

Closing costs can be confusing. Here is a breakdown of what you should expect to see on your Loan Estimate. Allowable Fees Origination Fee: The cost of processing your loan. Appraisal Fee: Paid to the third party who values the home. Credit Report Fee: The cost to pull your history. Watch Out For “Junk Fees” … Read more

Treat the lender interview like a job interview. Here are the five questions you must ask: What is the interest rate vs. the APR? (APR includes fees, making it a more accurate comparison). What are the “origination fees” and are they negotiable? How long does your average closing take? Are there any prepayment penalties? (Avoid … Read more