Since Thanksgiving there's been this build up to a new decade and now that we're here it's time to refocus and welcome the new year with a bang. No pun intended but that's exactly what happened when news outlets reported that the United States a killed an Iranian General.
What does that have to do with mortgage rates? Nothing in the short term but if the tensions between the two continues continues to increase and war breaks out then you might see mortgage rates impacted.
What Consumers Are Seeing:
Generally speaking; mortgage rates are at great levels due to the Mortgage Backed Securities market ongoing stability.30 year fixed rates and 15 year fixed rates are near multi-year and you're starting to see homeowners and homebuyers reach out via email and phone to see what's available. Before the holidays and during the holidays things tend to slow down. Post January 1 things start to change and by mid-January things will be back to "normal"
Let's not forget this important fact; processing times are great right now. Some loans can close in three weeks or less. Now that's not all loans but some are able to close that fast; and a few can close in as little as two weeks. Yes; two weeks.
Here Is What's Needed For A Two Week Close:
Here is what is needed if you would like to close in two weeks; being prepared is key. Even if everything is in within the first 24-48 hours there is no guarantee your loan will close within two weeks but there is a good shot that it will.
- Completed application
- Title preliminary work
- All income documentation
- All disclosures signed/dated
- Homeowner's Insurance info
- Loan number for your current loan (so a payoff can be ordered)
- An appraisal waiver
Let's quickly go over that last point; the appraisal waiver. The entire list needs to be completed with 24-48 hours so that the file can be fully submitted to underwriting.The appraisal waiver is obtained when the Loan Officer obtain an Automated Underwriting pre-approval. If we need an appraisal then it's unlikely you'll be able to close in two weeks but there is a chance if the appraisal inspection is completed in 48 hours and the report is back in a day or two after that.
Loan Officer Kevin O’Connor
JB Mortgage Capital, Inc.
CA BRE #01499872 – NMLS #247447