REALTOR.org published a
story yesterday about a JDPower.com study of customer satisfaction with lenders. It comes as no shock to us that your perception of lenders has gone down. One item mentioned in the article is the average time it is now taking to close a loan is 47 days. This compares to 30 days in 2008.
47 days seems quick to us when considering our most recent experiences. One client was in escrow nearly 90 days only to have the lender back out at the last moment. There was added cost to the buyer (buying extensions to the contract) as well as added stress. If you are buying be prepared for delays. And being pre-approved (see our post "Qualification, Approval and Commitment" of November 11) before looking for a property to buy is a help.
You can see the JDPower.com satisfaction survey of mortgage originators
here.
And they have a survey on mortgage servicers
here.
Don Grafues
Resources: REALTOR.org & JDPower.com
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Following is a compilation of interest rate information gathered from different sources. Please consult with a lender or mortgage broker for the latest information. While rate changes may not be significant, they do change from day to day and rates may varry considering income, credit and location. Indicated changes are from one week ago.
NATIONWIDE MORTGAGE LENDING GROUP: 30 Yr Fixed Mortgage Rates (no update available).
DIRECT LENDER: 30 Yr Fixed Mortgage Rates 4.375% POINTS=1.686, site built home only, (rate unchanged and points down slightly).
CONFORMING MORTGAGES: Primary & 2nd homes: 25 and 30 year fixed 4.75% (down 0.125), 20 year fixed 4.75%.
FHA: 5.00%, 30 yr Fixed, 96.5% loan to value, 660 Minimum Credit Score, maximum loan $417,000 (unchanged). No prepayment penalty and loan is assumable.
VA: 5.00%, 30 yr Fixed, 0% down, maximum loan $417,000 (down 0.25).
USDA: 5.00%, 30 yr Fixed, 0% down, with borrower’s income and geographic limitation (down 0.25).
Don Grafues
Resources: Desert Empire Mortgage & ERateARIZONA
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