Great American Lending

"My loan was completed in 2 weeks, very professionally done."
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"The process was smooth and I got a great rate!"
- Chuck


"I got what I wanted, couldn't be happier"
- Richelle


"I received a GREAT rate and had constant communication. Quick closing time!"
- Gary


"It was a good exerience, their expertise was evident, I felt confident"
- Dave


"Nice working with a local lender, he knew the market we're in."
- Craig


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"I really liked the fast responses and constant communication."
- Rich


"It went like clock work."
- David

Local Lender - Local Underwriting - Quick 2 to 3 week closings - 20+ Years of experience

Friday May 18, 2012. 9:20am MDT

Interest rate trend (Current): Higher
Lock Recommendation: Locking bias

Interest rates remained the same again today and lender credits improved on the 30 & 20 year products but remained the same on the 15 & 10 year fixed products (from yesterday morning). Stocks are rebounding this morning from yesterday's losses, causing Mortgage bonds to worsen. The lack of economic reports today is also hindering mortgage bonds. With MBS's still above both levels of resistance and worse so far this morning, it appears our rally has stalled and thus we change our recommendation to a locking bias. MBS analysts are also concerned about a reversal and recommending locking in the short term, but feel a cautious float in weeks to come is still ok. Any positive economic news in the U.S. or Europe will most likely cause interest rates to increase quickly, thus creating high levels of volatility in the next week or two. Have a great day and nice weekend!

how it works

VALUED CUSTOMER ALERT: Due to recent changes by the U.S. Federal Reserve Board in the mortgage industry, no longer can a consumer rely on the APR disclosure rate to accurately determine which lender has the lowest interest rate and closing costs. The new laws are too vague, causing different interpretations of what is included in the APR calculation, and definitely misleading when comparing mortgage brokers to lenders, credit unions and banks. Included in the most recent changes on 4/6/2011, the borrower will most likely receive a credit based upon the interest rate they choose. The credit will be applied towards their closing costs (the higher the interest rate, the larger the credit towards costs). It is our recommendation that the borrower use only the interest rate AND NET closing costs (closing costs remaining after the credit) to determine the best loan option for them.

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