Mortgage Blog

Business is picking up

March 21st, 2017 11:23 PM by Eric Fang

I closed only 6 loans in Feb, but I already closed 7 in March. And there are still another two weeks and there are two purchases and one refinance are supposed to be closed this week.
And more purchases in the pipeline as well.

Some purchase loans might have value problems unless the down payment is higher enough. This is normal when there are multiple offers on the market. So a lot of people will over-bid.

7/1 ARM rate is still pretty good. We can still close with 3.5% to 3.625% with Jumbo purchase and refinance. This rate is still ok for the closing cost as high as $7k. For the purchase, it is important to have a smooth transaction and all closing cost covered.

I did try to help my clients to close a purchase with 16 days of closing escrow. Though it is tight, we are almost there. If it was not for the assets transfers, we should be ok. Fingers crossed for the final review Wednesday.

My daughter got accepted by UCLA last weekend. Still all accepted so far. There should be two more schools release the decision this week. We will expect the good news. The latest will be on March 31st.

Finished running 75 miles last week. It was my highest weekly mileage for the past two years. I am glad that my legs were ok. Will finish another 60 miles this week. Then my hardest part of Boston Training will be done and I will start tapering after next week.
Posted in:General
Posted by Eric Fang on March 21st, 2017 11:23 PM



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