Mortgage Blog

Is the lowest rate locked the best Rate?

August 6th, 2009 6:01 PM by Eric Fang

I sent two sets of emails out to my clients today. One email
to my current client with TBW loans, just told them that
they will receive a letter from a new bank about where to
send out the next payment. And another email to my clients
whose loan was about to close(should be closed last week),
but we did not get the funds because of the failure of the
lender Talor, Bean & Whitaker.

All those clients got the best rates, with 5/1ARM around
3.75% to 3.875% and 7/1ARM aroun 4.125%, all no closing cost.
Are those rates are good rates? Sure, they are. Those rates
are almost the lowest rates since 2000. Unfortunately, I
did not have enough time to get all of them closed(I am so

I watched the lenders closely since last year. And we
already stopped submitting loans to this lender since
beginning of July. And I hoped to close those loans asap
to avoid the blow-out. Given two more days, those loans
should be funded.

Posted in:General
Posted by Eric Fang on August 6th, 2009 6:01 PM



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