I’m receiving notices from a couple of the lenders we work with that they are temporarily increasing rate lock extension fees due to Fannie Mae’s increased guarantee fees (LLPA) that will hit us in 2014. An extension fee is an additional cost that may be charged in order to keep a rate locked when the rate lock is expiring.
EDITORS NOTE: One of the joys of writing a mortgage blog is that guidelines and procedures change…and change often. This gives me a great opportunity to provide you with an updated post. With HUD’s creation of the 2010 Good Faith Estimate, a lot of the information in the original post is no longer relevant (relating to the GFE) from the original article I wrote on locking back in 2007. With that said, here’s my updated post…we’ll see if we need to revise this again once CFPB issues their version of the Good Faith Estimate!
I love it when I’m asked an excellent question from a potential client. This person is still shopping for his next home and who the lender will be to provide financing. At this point, I have provided several good faith estimates and a total costs analysis to compare possible scenarios side by side along with how the mortgages may be working for him in 5 and 10 years.
Last night, my stepson told me that he heard a story on the news about how a generic key could open locks on homes. I said “yah, right….” and was pretty surprised when I received my morning feed from Sellsius showing this video:
The locksmith in the video offers some suggestions on how to prevent “lock bumping” such as buying better locks (some are bump proof) which run over $100 in addition to consider having a security system, good lighting, etc.
When I was looking for this video to create this post, I was shocked to see just how many different “how to pick a lock” videos are on the internet.
Please share this information with your friends and family. You were looking for something to do on your day off today, right?