Apply now!

If you have been shopping interest rates, watching the market and trying to determine the best time to act to secure your next mortgage, the time is now.  No matter what you have been thinking, pick up the phone and get the paperwork started, and dated today or tomorrow.  If you don’t, you risk the entire transaction getting blown up.

You may have heard that in 2009, there were changes to the mortgage business that made it more difficult to get loans.  In fact, the Home Valuation Code of Conduct (HVCC), foreclosures, the bank bailouts and several other factors combined to impact the market negatively over the last twelve months.  All of these are true but they will pale in comparison to the change that is coming.

On January 1, 2010, the government will require a full change in the way that we disclose the costs associated with doing a mortgage transaction.  This means that we are going to see a boatload of confusion for any application dated after January 1^st.  By all accounts, lenders will require redisclosure, and shopping will no longer be done on a one page Good Faith Estimate, but a three page Good Faith Estimate.  This is being done to simplify things.  Go figure.

Bottom line, you must get your application moving today or tomorrow so that you can be certain to close under the old and simplify your experience.