Mortgage Blog

Purchase Loans

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 am
ok since our loan volume is big. But for my clients,
you should be careful not not waste the money
on the inspection and appraisal.

1)When you or the spouse don't like it(like those
fixes), please re-think about it. Some of the
cancellation comes from the "spouse does not
like it".

2)Down payment. Almost all lenders need 25% down
payment. Be ready when you present the offer.

3)Don't ask the agent to lock the rate if you
have 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 months
ahead of time. We need planning for any
investment. Is not it?

5)Don't be hurry to get the deals. I have some borrowers
think this is the good. I will not have this kind
of deal if I miss it. There are tons of good

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.

Posted in:General
Posted by Eric Fang on June 20th, 2011 10:17 AM



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