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Recent News Articles
After hitting bottom in July 2012 at 142,000, the total inventory of new homes for sale is up almost 10 percent to 156,000. Source: USNewsJun / 3 / 2013 The Home Front More Good News for Housing: Inventory Is Increasing
Carpenters work on new homes at a residential construction site in the west side of the Las Vegas Valley in Las Vegas, Nevada. Source: FOXBusinessJun / 3 / 2013 Las Vegas Home Prices Spike As Market Rebounds
Source: CNN MoneyJun / 3 / 2013 Where the mortgage deduction really pays
We'll require a copy of the settlement statement on the sale of your current residence to verify that you’ve received sufficient funds for our closing. If the closing of your current home is scheduled for the same day as the closing of your new home, we'll ask the closing agent on that transaction to provide an estimated settlement statement.
If you're not sure about exact amounts, please make an educated best guess. Websites such as Zillow.com and Eppraisal.com may be helpful. The appraisal (and sales contract, if purchase) will ultimately be used to determine the value of the property. Prior to drawing your loan documents, your processor will send you an estimated closing statement and you will have an opportunity to adjust your loan amount as you deem appropriate.
On a refinance transaction, if the savings you will achieve with the new lower rate will recapture the closing costs of the loan in a relatively short period of time, you should probably go ahead and lock your rate and close your loan. Trying to time the bottom of an interest rate cycle is tricky and each month you delay costs you in the form of carrying a higher interest rate on your old loan. If rates fall further, you can always refinance again.
On purchase transactions, in times of stable interest rates, most of our customers lock when they are within 30 days of closing. Locking for a period longer than 30 days increases the cost of the loan slightly but is sometimes a good idea if rates are volatile. If your closing is more than 30 days out, we recommend you compare rates and points on our website for 30, 45 and 60 day locks and make your decision accordingly.
NOTE: Rates are currently at historic lows. If you are applying for a refinance transaction or a purchase in escrow, we recommend you lock your rate at the time you apply. If rates drop further while your loan is in process, you can take advantage of our float down policy (See FAQ #7). However, if rates suddenly shoot up (which they can do very quickly on unexpected economic news), you will wish you had locked your rate when you applied.
Our online application is very user friendly. You will not be asked for any account numbers and can estimate loan payment amounts, bank account balances, etc. The application is broken down into sections and you can track your progress through each section at the top of each screen. It should take less than 20 minutes to complete the application. Move through the application by using the back and next arrows at the bottom of each screen. Don't use the back and next button on your browser while you're completing the application. If you need additional help answering a question, click on the question mark at the end of the question for more information. If you don't have time to complete the application once you've started, we'll save the information you have completed. When you're ready to finish, return to the site and enter your User ID and password to continue.
Our system is designed to deliver the very best rates and fees available to qualified borrowers. Our loans are underwritten by an automated underwriting system and, in most cases, FICO scores below 620 will not be approved by our system.