Be a good friend. Tell everyone your know to get their mortgage broker fees in writing! Why? With no written document, the mortgage rate lock is meaningless. If you do not learn anything else on my website, pay attention to this formula:
I know, I know... interest rates can be locked over the phone.
And yes, mortgage closing costs can be quoted over the phone.
In fact, I explain how to lock mortgage rates over the phone and still avoid hidden fees right here!
But please listen to me. You must get your loan estimate in writing.
It is also a necessity to receive your mortgage interest rate lock agreement in writing. Both are needed immediately.
How is it possible do accomplish this, you ask? After locking in your mortgage rate, immediately follow with this inquiry.
Or ask for an email. Offer to drop by the office in an hour to pick them both up. Whatever you do, get them in writing that day!
Tell everyone you know, your friends, your co-workers, your family! Protect the future of your mortgage payments by getting the fees and rate lock details in writing the same day you lock!
Frustrated over losing a mortgage rate lock? I understand. Get the inside story and solutions at Yield Spread Premium - Say What?
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