May 20th, 2010 6:48 AM by Eric Fang
I know there are some agents to advertise the rate for 30 day lock. Please try to work out with your agent to lock for 45 days. I know some loans will fail this time because of the rate locks and if the rate goes up in the next 30 days.
The whole process is very slow now; the underwriting is slow and appraisal is also very slow. I used to close the loans within 15 days; and now it was delayed to 20 to 25 days.
If you have the loans in the pipeline to be closed, please do so even though the market rate is a little bit better. You are the first one out of the queue and ready to refi 4 months later if you choose to. For others in teh queue, your loan may be closed in about 45 to 60 days.