Lender Panel Discussion – Follow Up
This event was held at The Greater Kalamazoo Association of Realtors on May 21st, 2015
Moderator: Jeremy Drobeck, Amerifirst Home Mortgage
Panelists:
- John Denny, Northpointe Bank
- Scott Cowherd, Kalamazoo Mortgage
- Steven Woloszyk, PrimeLending, A PlainsCapital Company
Attendees learned about underwriting concerns, tools & tips for credit integrated disclosures coming Aug. 1st, red flag items, and much more.
Coordinated by the GKAR Education Committee
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HOW TO PROTECT YOUR MORTGAGE RATE WHEN CLOSING GETS DELAYED
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Are you under contract on a home with an expiring rate lock? Need a rate lock extension?
Yesterday, a buyer called me in a total panic. They locked in their mortgage interest rate 30 days ago while shopping for a home near the Westwood neighborhood. Everything moved along fine until the seller asked to push closing back by ten days to finish clearing out their garage.
The buyer asked me, “Jeremy, if our rate lock expires before we close, will our interest rate jump up? Will our monthly payment go through the roof?”
I told them straight up: “Take a deep breath! An expiring rate lock will not ruin your deal, and you will not lose your low rate!”