Don’t Pay a Higher Rate Because Your Lender Cannot Process Your Loan Efficiently

With mortgage rates plummeting to all time lows, mortgage lender have been inundated with applications from homeowner looking to take advantage of the market and refinance into a money saving rate. Some banks and lender have become so backlogged by the refinance rush that they are passing on higher rates and processing fees to customer in attempts to accommodate longer lock periods to process applications.

If you are working with a loan officer who advises you to lock into a 60 or 90 day refinance loan that carries a higher rate, or tells you to pay points to compensate for a longer lock time- seek out another lender.

There are plenty of banks who process in-house and are staffed to accommodate the influx of mortgage applicants. Work with a loan officer who is available and willing to meet with you for a face to face application to explain all of your options. If you are being led down a path of paying a higher rate or fees because the company you are working with cannot process your loan efficiently, call another lender.

If you are looking to purchase a home or refinance, contact Rebecca Cole. Committed to excellence!