On Mortgage Approvals

Low mortgage rates don’t matter if you can’t qualify for them. And banks are still tightening. Here's what to do.

When mortgage rates are this low, the hard part of a refinance isn't locking the low rate. Low rates are easy to lock. The hard part is closing on the low rate before its rate lock expires. In this case of Life Imitating Art, learn from Lucille Ball about getting ahead of underwriting and closing on-time, without rate lock extension fees.

Suddenly, the phrase "cleared to close" doesn't mean so much. Because of a new Fannie Mae policy, a mortgage lender's commitment to fund isn't final until it's final. Lenders have reason to revoke a person's mortgage approval all the way up until the point of funding. Scary, scary stuff.

Suddenly, the phrase "cleared to close" doesn't mean so much. Because of a new Fannie Mae policy, a mortgage lender's commitment to fund isn't final until it's final. Lenders have reason to revoke a person's mortgage approval all the way up until the point of funding. Scary, scary stuff.

Suddenly, the phrase "cleared to close" doesn't mean so much. Because of a new Fannie Mae policy, a mortgage lender's commitment to fund isn't final until it's final. Lenders have reason to revoke a person's mortgage approval all the way up until the point of funding. Scary, scary stuff.

When mortgage rates are this low, the hard part of a refinance isn't locking the low rate. Low rates are easy to lock. The hard part is closing on the low rate before its rate lock expires. In this case of Life Imitating Art, learn from Lucille Ball about getting ahead of underwriting and closing on-time, without rate lock extension fees.

When mortgage rates are this low, the hard part of a refinance isn't locking the low rate. Low rates are easy to lock. The hard part is closing on the low rate before its rate lock expires. In this case of Life Imitating Art, learn from Lucille Ball about getting ahead of underwriting and closing on-time, without rate lock extension fees.

When mortgage rates are this low, the hard part of a refinance isn't locking the low rate. Low rates are easy to lock. The hard part is closing on the low rate before its rate lock expires. In this case of Life Imitating Art, learn from Lucille Ball about getting ahead of underwriting and closing on-time, without rate lock extension fees.

In February 2009, Fannie Mae rolled back a rule that kept real estate investors from financing more than 4 properties at a time. The limit raised the maximum number of financed properties to 10. The program gives bona fide investors a ticket to the national REO and Foreclosure Party.

In February 2009, Fannie Mae rolled back a rule that kept real estate investors from financing more than 4 properties at a time. The limit raised the maximum number of financed properties to 10. The program gives bona fide investors a ticket to the national REO and Foreclosure Party.