St. Louis Mortgage Rate Update; Jumping through hoops to get a mortgage

A common complaint that consumers have regarding today’s mortgage loan origination process has to do with all of the hoops they have to jump through in order to get a loan.

Personally, as a loan officer, I try to be as thorough as possible going into the application to avoid “the last minute chase” for additional documentation. I will be the first to admit, I am not perfect. Best intentions. After each deal is closed, I review the loan and how the process went; did I prepare and ask my clients for all that the documentation needed. Did I take a good loan application? Continue reading “St. Louis Mortgage Rate Update; Jumping through hoops to get a mortgage

St. Louis Mortgage Rate Update; What are "loan-level" price adjustments?

“Ballparking” mortgage rates just is not the same anymore. Home buyers who obtain online quotes from popular websites and “shopping” mortgage rates on the phone are receiving nothing more than a starting point for what their final mortgage rate will be.  This is due to a government-led pricing scheme called loan-level pricing adjustments or LLPAs.

The government has taken the example of risk-based pricing from the auto insurance industry.  “Riskier” car owners pay higher rates for insurance, e.g. a driver with a few accidents and speeding tickets in their past will pay a higher premium than the driver with a clean driving record.  Continue reading “St. Louis Mortgage Rate Update; What are "loan-level" price adjustments?

St Louis Mortgage Interest Rate Update; How to make getting a home loan go smoother

A common complaint that consumers have regarding today’s mortgage loan origination process has to do with all of the hoops they have to jump through in order to get a loan.

Personally, as a loan officer, I try to be as thorough as possible going into the application as possible to avoid the last minute chase. After each deal closed, I review the process and question whether I prepared my clients for all that they needed to have or do in order to get the loan approved and closed. I will be the first to admit, I am not perfect. Continue reading “St Louis Mortgage Interest Rate Update; How to make getting a home loan go smoother