Quick Read for Borrowers

This is a very tough market for everyone involved, and as a borrower you need to educate yourself as much as possible. Some of things you can do are these; When ever you hear someone quote a rate, ask for long it will be locked. As I have mentioned before, you need to really consider a 45 day lock, because of the HVCC and HERA laws. A lot of people quote rates on a 30 day lock, and then the risk falls on you. If it does not close, they will either charge you for an extension or the bank will make you take worst-case pricing, between the day you locked and the new day you are going to lock. Also, rates are not the same with a regular FHA refi and an FHA streamline. A streamline is supposed to be no-cost with the borrower bring their payment to the table. Ex. Instead of making the payment on 11/01, the make it on 10/23, and therefore, they do not need to make it again on 11/01. If someone says they charge Zero points, please verify that by asking for Good Faith Estimate, to make sure they are not charging extensive fees, that may equate to a point, no are called something else. These new regulations have been implemented to protect the borrower, but it is also the borrowers responsibility to ask and inquiry to make sure they are getting the best option possible, on the terms they were quoted.

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