Last month I had a closing with a Buyer that was referred to me from a past client. He was pre-approved with a lender I hadn't worked with before.

 As we got closer to the closing date; the rate dropped.  That lender did NOT honor that lower rate.

I had little if nothing to do about it.  I asked to be in the loop of the loan incidentals but the updates were never shared.  So....here's a bit of advice, DO ASK your real estate broker for loan officer referrals.           We don't get any "kickbacks"  and we're just happy to get our clients the best deal out there.                  They will usually give you 3 names and it's up to you to do your due diligence on that, but worth the time.   I worked here in Bend at Bachelor Mortgage processing loans around 2007.  I learned a lot ! 

Here's one of the lenders I recommend and why:  (He just sent me this email):

 

Interest rates bottomed on Monday at 6.34%, and have since climbed back to 6.63%.                           The past 2 days look like a typical correction following a sharp drop in rates.  The initial bounce is almost always the biggest with subsequent days losing steam. 

 

Next week’s inflation data will be a powerful indicator of the upcoming rate direction.  We hope to have continued good news and would expect rate improvements to follow.  IF there are no surprises.

 

The loanDepot Difference: Locking the interest rate upfront is often our recommendation.  Many lenders do not allow a true rate renegotiation once the rate is locked: when the market significantly improves they do not allow the buyer to share in that improvement.  This is an area where loanDepot has very generous policies that benefit your buyers.  On most loan programs, when there is a significant rate reduction we can pass that benefit to our buyer and renegotiate the interest rate lock.  If rates move significantly up à buyer is protected.  If rates move significantly down à buyer can improve their rate!

 

We also received good news this morning for Oregon’s loan programs.  Veterans, first time home buyers, and other buyers that meet program requirements can now use the Oregon Housing Rate Advantage program at an interest rate of 5.875%!!  That interest rate makes a meaningful difference in housing affordability!