Q: Why have you gone from 30 day locks to 60 days? Can I close my purchase in a shorter time? Should my son wait to refinance?

A: Historically low mortgage rates have created the biggest refinance boom we have ever seen. The glut in appraisal orders has resulted in appraisers being inundated with more requests than they can handle and, in many cases, homes that are more difficult to appraise are taking longer and costing a lot extra. The glut in refinance applications has also lengthened the underwriting time—especially with lenders who are a bit more competitively priced. This has resulted in lock extension fees and additional document requests as items like bank statements expire.

We have developed strategies for both of these limiting factors. Fannie Mae and Freddie Mac do allow for property inspection waivers that are not totally based on a sensible estimation of value but rather a computer program that uses many factors to grant the waiver. My processing team, with 33 years of working with me, has developed their own strategy and have been very successful in getting property inspection waivers on a majority of the loans we do—WHICH IS ANOTHER REASON TO CONSIDER WORKING WITH US ON YOUR REFINANCE OR PURCHASE.

We have found that, in many cases, charging a bit less allows us to work with lenders who close faster with less hoops for borrowers to jump through. AND ANOTHER GOOD REASON TO CALL ME ABUOT YOUR MORTGAGE FINANCING NEEDS….I CAN BE REACHED AT 831-818-7700 OR JCHUBB1@GMAIL.COM