August 20th, 2012 9:44 AM by Eric Fang
Sorry for not writing much of the blogs recently,though I promised to write more. Life should be back to normal after this week.
1)The rate went up around 0.125% to 0.25% tomost of the fixed programs. It should go downin the next two months. From the past experience,it went up much faster than it went down.So it will take longer time to go down.But at least the market will help the borrowerto make reasonable rate expectation for the refi.
2)Lender PF increase the appraisal fees starting Sep 1st.I am not sure whether this is part of the inflation trend.I remembered that the appraisal cost was only $250 or $350 a few years back. And now, the cheapest one for me is $400.
3)Lender Flagstar will require the waiting period changed to 180 days So all my lenders will ask youto stay 180 days before the next refinance.
4)Credit Disputes. This will affect the loan processnow. All my lenders will request those disputes"satisfied". So either the creditor will need the drop/cancel the discputes or the borrower needto pay the dues, and we will have to work with thecredit bureaus to get it removed from the credit report.This takes at least one week.
5)Carbon monoxide alarm. This was required for allrentals and primary homes. Some lenders will not getyou loans without having Carbon monoxide alarminstalled.