Monday, March 23, 2009

LOW Interest clients are locking in below 5%!

Just learned that one of my buyer clients who closes escrow on her Sacramento home purchase in a couple weeks was able to lock in her conventional loan interest rate at 4.875%! That is phenomenal!

I have another client looking to make an investment property purchase that was quoted 5.5% for a conventional 30-year fixed...that is really low for non-owner occupant borrowing!!

Please be aware that there are reputable sources for this information, and there are other not-so-reputable sources for this information. Whichever company is giving you a rate quote, mortgage loan pre-approval, or whatever - MAKE SURE to obtain what is known as a "Good Faith Estimate" from them. A GFE is an itemization of all of the costs associated with obtaining the loan, states all of the terms of the loan, and states what your estimated monthly payment will be (including prinicple, interest, taxes, and insurance)...GET THIS IN WRITING! If a lender refuses to give this to you, consider this a HUGE red flag!!!

If you would like a referral to a reputable source for your mortgage lending, please shoot me an email, and I am happy to match you with someone great...

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