Mortgage Blog

One more purchase accepted today. I think the RE is very active in this spring season. Even though this purchase is a Jumbo loan for rental, the rate is still pretty good. It is around 3.875% for 7/1 ARM with lender covering most of the closing cost. Not bad.

And another good news is that we are able to close another purchase with 16 days of closing of escrow. The borrowers are happy, and the agents are happy as well.

I have a few agents work with me for the purchases. I am their default agent. Since they can rely on my service for the closing smoothly of the transaction, I can get the clients good rate, and sometimes, we can close faster(we are an internal lender as well).

One of my borrowers are a little bit surprised that the lender will check the house conditions for the refinance. Yes. As for the house conditions, purchase and refinance requirements are the same. The only difference is that sometimes, seller does not want to fix the property and they want to sell "As IS".