June 20th, 2011 10:17 AM by Eric Fang
I have a few purchase loan cancellations last week.
I know I have a few fall-out rate locks. But I amok since our loan volume is big. But for my clients,you should be careful not not waste the moneyon the inspection and appraisal.
1)When you or the spouse don't like it(like thosefixes), please re-think about it. Some of thecancellation comes from the "spouse does not like it".
2)Down payment. Almost all lenders need 25% downpayment. Be ready when you present the offer.
3)Don't ask the agent to lock the rate if youhave more than 50% of the chance to back out.We still care about the rate locks.
4)Gift money. If you plan to use the money from other source, do it at least two monthsahead of time. We need planning for any investment. Is not it?
5)Don't be hurry to get the deals. I have some borrowersthink this is the good. I will not have this kindof deal if I miss it. There are tons of good opportunity.
Calfornia job market is still not good. The housing market will be flat,... for a few years.Be patient, and you will get a deal you like.