what is loan processing
This is the second part of any article that I wrote about locating information about Reverse loans without getting “slammed” by a bunch of irritating sales people.
Your loan will have to go through a processing procedure and under the best of circumstances it will take about 45 days or maybe less to complete (Assuming you have provided everything the Lender needs on your file), which “then” the interest rate is locked and the loan documents are ordered.
Meanwhile, the “cost of money” is fluctuating every day.
Just like the cost of that television you were interested in purchasing.
Let’s say someone told you that they could give you a traditional 30 Year Fixed rate at 3.250 % at zero points.
By the time you have sent in your personal documentation, signed a loan application and disclosures, the appraisal is completed and your loan has finished processing, that rate could cost more or maybe less, but most likely it won’t be the same as what you were told when you did your initial phone call weeks before.
I will be posting the next section of my article in a following post.