Katie is a past client of mine from about 20 years ago. She recently called me and explained that she was 24 hours away from closing on a new home but was concerned they were charging her too much. She had already signed the Closing Disclosure but felt she needed to double check the rate and fees. Katie was working with a lender her Realtor had recommended and was starting to feel like they might be taking advantage of her.
Katie is a single mom and recently finished putting herself through school and is now a teacher. She sent me over the Closing Disclosure and, just as she thought, her rate and her fees were much higher than they should have been. Luckily for Katie, she was able to get a two week extension on her contract and started over with Security Home Mortgage.
- Application to Approval – seven days
- Application to Closing Disclosure – 10 days (included two weekends)
- Loan recorded and funded – 14 days
- .25% better on the rate and $1,000 lower in fees
BAM!! It doesn’t get much better than that!