Look what came in my inbox today!!!
Three years ago Dh and me were looking at loans before we put our house up for sale. So we talked to this guy, a loan officer, who was a "friend of a friend". Nice guy but never ended up needing him because we decided to sell our house.
He must have sent out mass emails today!!
"I just want to let you know that if you would like to Purchase a new home or Refinance your existing home that changes are a coming.
These changes will include the following
* You will have a choice of one rate on any given loan product. Any changes will cost you
* Lenders can not help with closing costs because you are not paying the Loan Originator any longer
* Rates will go up at least and .250% on April 1st
* You will not have any closing costs really BUT the investor will pad it in the rate
* 800 fico scores will be no different than 680 fico scores on some loans. Remember one rate and you can buy it down at your costs with no help from your lender.
Look, I hope most of you look at this and say " Thank god I have this handled and I don't have to worry about it" . If you have not made a move look at this as your last opportunity truly to have choices in your loan transactions.
If you have your application in with most lenders before March 31st and your loan is locked you have the chance for a better rate, more flexibility and less money out of your pocket.
You can look at this a a scare tactic to drum up business but really that is not the case. The consumer has no idea what is coming down here on April 1st. Heck folks most of the banks are scrambling to have an understanding on what they can do and what they cant do. TODAY is exactly as you know it! April 1st will not be that way.
If you are in the search for a new home, want to refinance your existing home please don't hesitate to call me or your existing loan originator. Rates are still great considering all the changes but again for the next two weeks your will have a choice and have an opportunity to control your costs.
Call me if you have any questions.
Application and your loan locked by March 31st."
Is this new news??