We Buy Houses Philadelphia

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Locking in Your Home Loan Part 2

The first article to this two part series was making sure borrowers knew that they had to select their lender before their quote is “locked”, meaning that the number could change for a few reasons. Many borrowers are vulnerable to lowballing; lenders will quote a low number below the market to influence a shopper’s selection.

Borrowers can avoid lock scams by obtaining direct access to posted prices, so they can’t be lowballed by loan officers and can’t be fooled about the market price when they lock. Lenders don’t want the public to have access, so it isn’t easy. The growth of the internet has made is possible for any lender to make its posted prices available to borrowers, but very few do. In many cases the site will not provide any prices unless the borrowers information is received, so they can be contacted for a sales pitch.  To read more of this story…

To sell your house.

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November 14, 2012 - Posted by | Uncategorized | , , , , ,

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