I hope this letter finds you well. I am looking for your best home mortgage. I have a signed purchase agreement. The closing date is set for 1/2/19. The property is 2302 7th St East North St. Paul, MN 55109. The purchase price is $170,000. I’m planning on putting 5% down. I am interested in your fixed 30 year term. I have spoken with multiple lenders. What I am looking for your best interest rate and best offer closing fees (waive origination fees). Will you be able to help me close by 1/2/19?
My background: I am a pharmacist. I recently relocate for work from Missouri. I move to Minnesota in October. I work for BriovaRx Infusion Services which is owned by United Health Group. I have been with this company for 3 years and 7 months.
Please answer the following questions:
1. What is the interest rate?
2. Do you offer rate locks and how does it work?
a. Do you charge a fee to lock in my interest rate?
b. Does the lock-in protect all the loan costs?
c. For how long will you lock in this rate?
d. Will you give me the loan lock in writing?
3. What are my all-in costs/closing fees?
4. Does my loan have any pre-payment penalties?
a. How much is the prepayment penalty?
b. What are the terms of the prepayment?
c. Would the prepayment penalty apply if I refinanced through you at a later date?
5. Where does the underwriting process occur?
6. How long does it take you to close on my loan? And what is your successful closing ratio?
a. What is your anticipated turnaround time?
b. What obstacles could hold up closing?
c. How long after final application approval will the loan fund?
7. After my home loan closes, does your brokerage sell my note?
Thank you for your time. I hope to hear from you soon.
Malissa Yang, PharmD