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Any tips on finding a mortgage lender? My expected closing date is early-mid July

105 53 May 17, 2018 at 04:02 PM
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My expected closing date is early-mid July. Do I still have time to wait to get all the mortgage lending handled? The rates have shot up in the past couple of days and I'm hesitant to lock in the 30 year fixed rate at this level. Any other tips on finding a mortgage lender?

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Joined Jun 2005
Let Sleeping Dogs Lie
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#2
rocket mortgage
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Joined Sep 2017
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#3
call every mortgage broker in a 50-100 mile radius. tell them what you're doing and make them commit to being able to do it for you by your closing date. get them to tell you upfront about all of their fees. pick the one who gives you the most transparency about their fees and who is cheapest, keeping in mind that there are a lot of costs that they can't control.

it is often said that many mortgage costs are negotiable, but this isn't entirely true. rather, it's who you pick as your broker, because once you commit to someone, their fees are set.
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Joined Aug 2007
heartless
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#4
Do you have AAA? I just recently refinanced with them and their closing cost was very competitive and they gave me a credit. They're a broker, so the bank will be someone else but who cares if the rate is reasonable. They will find what's best for you.

Edit: They don't do NY and NJ in the Northeast, so MA, RI and CT only.
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Last edited by noungning May 25, 2018 at 12:25 PM.
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Joined Nov 2009
Old Hippy & Mortgage Pro
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#5
Conventional Fixed 30 pricing reversed its recent rise and has improved over the past 2 days.
While a 60 day rate lock will cover your closing time frame, seeing this latest relief rally in Mortgage Backed Securities (MBS) has had some less worried and considering floating and using a shorter rate locks (as 45 or 30 day locks have better pricing than 60 day) but no one knows for sure.
There will be a Fed rate hike in June which is already baked in, but what can spark volatility is the Fed statement at that time - and see if there is any different stance compared to the recently released Fed minutes from the prior meeting.
To the OP, an good mortgage broker can close a loan in under 30 days, so on that front you have time, however, your purchase contract most likely contains a Mortgage Contingency.date which you will want to meet. You do not need to lock at the time of application if you do not want to, but you should be proceeding with someone soon in order to meet your Mortgage Contingency date which protects you within a specific time frame to assure your approved and the appraised value is satisfactory with no risk to your deposit made on contract.
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-Adam
Old Hippy & Mortgage Pro
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