Rate Locks Explained

One of the most confusing aspects of mortgages is the rate lock.   In its simplest form, a rate lock essentially means the lender is setting money aside to lend to you at a specific interest rate.  Basically, a rate lock is a guarantee of the interest rate assuming you are approved for the mortgage.  It is very [...]

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A Good Faith Estimate is NOT a Commitment to Lend

One of the hardest concepts to get through consumers thick skulls is that a good faith estimate is not a commitment to lend.  A lender giving you a GFE does not mean that you are approved for a mortgage nor does it mean the lender is actually able to deliver what is being promised.  Consumers often [...]

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How to Read a Good Faith Estimate

One of the things experienced mortgage professionals hate to hear from consumers is the whole “send me a good faith estimate” stuff.  Don’t get me wrong, I always provide a GFE to my clients.  However, I have found most consumers have no clue how to actually read a GFE or know how to compare one [...]

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Don’t Screw Around When Selecting a Mortgage Lender

I haven’t posted much over the past few days because I have been bombarded with fire drills to help save loans for borrowers whose lenders either went belly up or because the lender is no longer offering certain loan programs.  The mortgage market is in a tough time right now as Wall Street has cut off funding [...]

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Rate Shopping Simplified

I like to keep things simple.  In fact, the longer I work in this business, the more I realize consumers want things as simple and plain as possible even when it would be to their advantage to understand the complexities of the mortgage market and their largest financial transaction.  As such, I was trying to [...]

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