Michael

"Mortgage advisor" or "mortgage broker"? Never heard of a mortgage advisor before and after looking it up on the internet, I'm not sure what is the difference or who is more qualified.

What Is A Mortgage Advisor

GeoffM

Sorry, my laziness. Loan Officer to give her her proper title. An advisor is relatively unqualified apparently.

RICH

Ah, yes, FWIW, as of last month, LO has to have their Name and NMLS # printed on the Note. Something to do with accountability re loan advice, I think.

GeoffM

Yeah, it's got her name and NMLS number on it.

GeoffM

This rapid rescoring is proving to be a problem - well, not that, but AMEX. Two agents refuse to add authorisation for a 3rd party to query the balance, say it's not allowed; two agents say "not a problem, what's the company name and for how long". Unfortunately whatever yesterday's agent did to authorise access seems to have mysteriously disappeared. They've sent a fax with the balance but the relevant parties (Transunion etc) won't accept it. AMEX offer 3-way calling, but the relevant parties won't do it. Aaargh!

bewildering

I can only imagine. During my loan process even easy questions were transmitted through multiple people. Freddie insurer>>Mortgage underwriter>>Loan officer>>Me and then back again.

Not a pleasant experience.

IlAlfie

We just got a mortgage approved and completed and the only credit card my partner has is an Amex and a Bloomingdale's store card. In fact it was a slight problem that we didn't have enough debt. We didn't seem to have any problems with the two credit checks that were performed though. We also paid down the balance of the Amex (it's primarily for business use) to be sure but I think the credit score was ok at the start. The whole process with the underwrite was bloody awful though....stick with it, you can prevail!

Michael

Typically 30 year mortgages are based on 30 year treasury bond rates and over the past month, 30 year bond rates have dropped from over 3.70% to currently 3.50%. You may be able to negotiate down you mortgage rate by 0.1-0.2%. Even though some people have an agreed upon closing date, at the last minute they shop around for cheaper interest rates and delay closing. I've asked the real estate if that is ok and she said it occurs often and although the homeowner may be unhappy about it, usually there isn't any forfeiture of the earnest deposit unless the owner decides that he doesn't want to sell.

30 Year Treasury Bond Chart For Last Month

bewildering

You have more leeway if you can put 20% down. We put 10% down, and although our credit scores were excellent, our rate is 4.5%. I am hoping to pay off another 10% ASAP to get rid of PMI, and also to refinance at a lower rate. Although that all depends on the bond rates not going higher by the time we can put another 10% into the house.

Michael

You don't necessarily have to pay off another 10% to get rid of PMI but instead if your property increases 10% in value, you can have it reappraised and if you have more than 20% equity in the home, the PMI should be able to be removed.