A San Jose mortgage broker that closes loans in 18 days? Starting April 1st, there’s a new fed rule in effect that states a loan officer or broker cannot compensate a borrower in any way. That means,no broker credits, no paying for the pest report, So if your lock expiration date needs to be extended, it can’t be paid for by broker. That’s why it’s important for you to make sure you’re working with a lender who can close your loans quickly. If you want more information on my guarantee to close your loan in 18 days or less just send me  a message.

You may have heard that President Obama has called for the slow and painful death of Fannie Mae and Freddie Mac. If implemented, this will adversely have an effect on your ability to purchase a house since Fannie Mae & Freddie Mac guarantee mortgage backed securities.

Why is that? Well, if Fannie & Freddie are gone, then the guarantee by the government for securities goes away as well. Which would lead to more risk for lenders, and if lenders assume more risk, they’ll price that risk accordingly into their loans in the form of higher rates. I know we talk about higher rates as if Charlie Sheen is coming over to the house to babysit your kids, but while I’ll be the first to admit there needs to certainly be an overhaul to these programs, we don’t want to throw the baby out with the bathwater. So if this happens, we could see higher rates and fees. That in itself is reason to tell that person who’s thinking about buying a house to do so right now. Rates are still looking pretty good this week, if I can help you with mortgage advice, feel comfortable giving me a call.