Fannie Mae, Freddie Mac & Government: What it means to you in the short term

In case you haven’t heard yet, the Federal Government took control of Fannie Mae & Freddie Mac over this last weekend. This means (among other things) that all changes to their loan programs will have to go through congress now. The potential long term effects of this Government intervention are still uncertain, however, the short term effects have been amazing. RATES ARE LOWER.

30 year rates have fallen about .5% in the last 24 Hours. Good borrowers can get a 30 year rate at 5.875% (without a buy down) as of 6:00 this morning. This is good news for people currently entertaining purchases - but is even BETTER news for people looking to refinance. If you have been holding off on refinancing because rates were too high in the mid 6's, now is the time to call your lender and watch rates fall this week. I think there is a strong potential to hit 5.5 sometime this week.

These windows of opportunity have been short lived over the last 18 months. It is a good time to get aggressive.

All Best!

Jim

JIM CUNNINGHAM
Nova Home Loans
8800 E Raintree Drive #180
Scottsdale, AZ 85260
480 614-6413
602 434-8261 cell
jim@novahomeloans.com
http://activerain.com/jcunningham

Should I buy a house or rent one?

This is an excellent question to ask yourself before taking action. Despite the economy being sluggish, and fuel prices skyrocketing, the old rules of thumb are still accurate. Here are a few questions to address before you change your address.

• Can I afford the monthly payments?

Keeping your housing payment to 35% of your monthly gross income is a conservative target. If your potential mortgage payment is significantly higher than 35% you should probably rent a little longer until you identify cheaper housing, or increase your income.

• Can I afford a down payment?

The availability of 100% (no money down) financing is all but over. As of Oct 1st, you will need a down payment to attain housing. There are still Teacher A+ programs ranging from 2% down to 5% down (not including closing costs). Of course, the more you put down, the less expensive your monthly payment will be. Nonetheless, if you have 3% to 5% of the purchase price, you can cosider yourself in a strong position to buy a home. If you are coming up short of that mark you should probably keep renting and try to save a little every month.

• What are the long term benefits?

As a home owner you will have the benefits of future equity. Here in Arizona the worst is over and the depreciation has leveled off. We should all see appreciation in property values within the next 2 years. You have the ability to redecorate and change the décor of the home. You also have nice income tax benefits by owning a home.
As a renter you will have the benefit of no maintenance responsibilty in the home. If something breaks, the landlord will come and fix or replace it. Also, you do not have to worry about having to sell the home if you move. Some owners have the ability to keep the home as a rental, but by and large, most people have to sell before the buy again - and it may not sell quickly.

• How long will I live there?

There is no disputing that the longer you wish to live somewhere that the more advantages it is to own your home. The growth in equity will definitely have large benefits over renting.

• Is my credit strong enough?

In general, mortgage lenders are going to want to see that your middle FICO score (on a trimerge report) is over 680. Ther are still programs that will work for scores under 680. But, you will have more finance options at better rates if you ave over the 680 line.

The key here is to find out what your credit score is before you want to make your move. In some cases you credit score can be fixed/improved by putting effort in to clean it over a 60–90 day period. I recommend either a free credit report from the internet – or contact a mortgage lender that will pull your credit and give you council.

Jim

JIM CUNNINGHAM
Nova Home Loans
8800 E Raintree Drive #180
Scottsdale, AZ 85260
480 614-6413
602 434-8261 cell
jim@novahomeloans.com
http://activerain.com/jcunningham

Free Credit Reports

There are many ways to get your hands on a credit report today. But like many things in life, you get what you pay for. There are three major credit reporting bureaus and all three of them are relevant in the mortgage industry; Experian, Equifax, and Transunion. All three of these bureaus can be found on the internet and all three of them will allow you to request a free copy of your credit report.

• experian.com
• transunion.com
• equifax.com

After you receive a copy of your credit report they will try to enroll you into a credit monitoring service with a monthly fee. In some cases, they automatically enroll you and you have to contact them to turn off this service. We are not saying that the credit monitoring service is not without value, but you do not have to pay them just to view your credit. If you find an inaccuracy, you will have to pay a fee to the bureau and then you can dispute the credit item on-line. We recommend direct contact with the bureaus to eliminate the delays and additional fees of middle-men.

There are other popular on-line services that will give you a credit report for free too. The well advertised freecreditreport.com is a good example. They will give you a single bureau (Experian) report for no cost. However, you will begin a free trial membership in their credit monitoring program as well. If you don't cancel your membership within 7-days, you will be billed monthly until you cancel. To dispute any inaccuracies on your report you may have to pay extra fees. It is the same type structure as dealing with Experian directly.


JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
www.communityfirstfinancial.com
http://activerain.com/jcunningham

100% Financing in Anthem, Buckeye, & Queen Creek

If you are a buyer still looking to buy your first home (or) if you are a realtor who has a handful of First Time Homebuyers who don't have down payments - Listen To This.

When it comes to affordable housing programs, (HUD) the US Department of Housing and Urban Development gets the majority of Arizona's attention. Well, let me introduce you to HUD's distant cousin RHS. If have you have never heard anyone refer to the (RHS) Rural Housing Service, you are not alone. The RHS operates under the (USDA) U.S. Department of Agriculture, and they actively promote affordable housing programs for Rural areas.

These "Rural" areas in which this program is offered may surprise you. Anthem, Buckeye, Queen Creek, Casa Grande, Whitman, Wickenburg, Tramonto, and basically 95% of the State of Arizona outside of Maricopa County all have Rural zoned houses ready for 100% financing. This program has some limitations but let me give you some highlights...

•· Loan will cover up to 102% of appraised value (not just the sales price)
•· No minimum credit score
•· No down payment needed
•· Finance all closing costs
•· Full doc only
•· 30 year fixed (roughly 6%)

There are obviously more details to this program but no huge curveballs. Please contact me and I can send you more details on this program. The realtors I am working with on this program are already getting more business because of it.

LETS ALL CLOSE MORE DEALS!!

Jim

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
http://www.jimcunninghamcff.blogspot.com/
http://activerain.com/jcunningham

Don't give lenders your credit card!

In any industry you are going to experience good and bad representatives within that industry. Be it an accountant, a mechanic, or a bartender - there are great ones and there are very poor ones. The lending industry is no different. I need to share a true story I heard from a perspective client an hour ago.

I got a just call from a woman named Tanya who lives in Georgia. She found my name & number on Google from an old Active Rain blog I posted in Nov 07. (Active Rain Really Works) Anyway, she wanted my opinion on her recent phone call with Quicken Loans.

Apparently, she had called Countrywide to get approved for a FHA streamline refinance (and did) and then they quoted her a rate. Then called Quicken Loans for a 2nd opinion on a rate and the representative told her this. "Countrywide is currently being purchased by B of A and your loan could be held up for 6 to 9 weeks due to the buyout. Whatever they quoted you will never close within 30 days, so the rate they are giving will surely change before you close..." "...Also, I need your credit card number to lock your rate with our company. We can prepay the appraiser, and cover your application fee with your credit card..." "...you cannot lock your loan without a credit card number..."

Holy Cow! I cannot believe that anyone would actually say that - but I guess I am wrong. Countrywide is an exceptional lender, and I am pretty sure that Quicken even sells their loans to Countrywide. I have never heard of a underwriting or funding delay at Countywide due to their impending merger. They are very solid!

***Listen closely everyone - if any lender asks you for a credit card number to lock your loan DO NOT DO IT! I don't think that they actually use your card in any way to secure a lock for your loan - but I do think it is an act to get you to commit to them and stop shopping around. I also do not believe that Quicken Loans would condone this activity if they knew about it. It is probably a desperate act by a very Jr. Loan officer (I hope).

All you need to provide to lock a potential loan is your name, contact info, your social security number, and the subject property address. All of these items should already be covered during the application process. The bottom line is to beware if someone asks you for your credit card number to lock your loan.

Arm yourself with knowledge!! (& have a great day)

Jim

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
www.communityfirstfinancial.com
www.jimcunninghamcff.blogspot.com
http://activerain.com/jcunningham

What can I expect during a purchase transaction?

What can I expect during a purchase?

Something that is often overlooked within the home loan industry is the education of the client in the steps of doing business together. As the borrower, you should want know what the process is, and what to expect from your loan officer. This is a basic account of the events that take place during a purchase transaction when you are dealing with me.

First Contact – Every loan starts somewhere, and in the technology age it is usually a phone call or an email. Occasionally, it still happens when I meet someone in public and we exchange business cards. But it seems that phone calls, emails, and internet (blog links), are most common.

In the first contact we will introduce ourselves and talk briefly about what your basic goals are, and how soon you want to take action to get pre-approved. The first contact then ends with me saying “…the next step is the application, and that will take about 20-30 minutes. Do you want to do it now, or set a time to do it later this week?”

The Application - A full application is necessary to give you (the borrower) accurate information and loan options. There are hundreds of factors that lenders (banks) take into consideration when approving loans and these should all be identified in the application. The method I prefer, to get the most accurate information, is to interview you over the phone.

The questions that I ask are things you will usually know off the top of your head. I want your Social Security #, work history for last 2 years, information on your home, and basic financial information. As you answer the questions, I enter them directly into my computer. The next part of this phone application is when I ask permission to pull your credit report. We will then briefly review your credit report to identify strengths, weaknesses, and find any inaccuracies in it. I will also tell you your credit scores and even give you a copy of your credit report if you wish.

The last phase of the application is when we discuss your goals in more detail. Typical questions are…

• What price range have you targeted?
• What do you consider a comfortable monthly payment?
• How long do you see yourself in the house?
• Are you considering a Condo or a Townhome?

At the end of the application, I will tell you how much time I will need to produce your loan options. Usually, I need 24 hours to get back with you – but I will urge you to call me if other ideas or questions come up during this planning window. In some instances I can tell you immediately if you are approved and what your purchase ceiling is (maximum purchase price)

Loan Options – At the conclusion of my analysis, I usually come up with one (or more) purchase options that will make sense for you (the borrower) to pursue. To make things easier for you to understand, I will email one (or more) Good Faith Estimates (GFE) to you before our upcoming phone call. You will be instructed to print the Good Faith Estimates so that we can review them together over the phone. I always recommend that you print the Good Faith Estimates so you can take notes on them.

We will then review the Good Faith Estimates over the phone, and I will explain the loan program, fees, interest rates, escrows, and estimated payments until you (the borrower) are comfortable with all of the information on the Good Faith Estimate. This process could take a few minutes for some people, whereas others can take well over an hour to understand all of the concepts of this transaction. We will not move forward to the next step of the loan process until I feel you are comfortable with this material.

At this point you (the borrower) will tell me one of three things. All of which are OK.

• You like an option you see, and want to move forward by previewing houses
• You don’t like the amount you are approved for and want to hold off for now
• You would like to see more loan options on your target price

Once you have made the decision to move forward, I produce a one page letter called a Loan Status Report (LSR). This document states that you have consulted with a lender (me) and you are pre-approved to purchase a house. The letter will also have a maximum dollar value on it indicated how much money you have been approved for. This letter is then submitted with a housing offer to notify the seller that you have your money ready and you are a serious buyer.

Also, I recommend that we produce a custom LSR for each offer you submit. I am a firm believer in showing that you are only approved for the amount you are willing to offer. By submitting a LSR showing that you are approved for more money then you are offering will sometimes influence the seller to not reduce their price during negotiation because “you have the money to pay more”

Send You the Application - After we agree on a potential Loan Option, I will send you the application and it will be specific to that Loan Option. When you receive the application you will notice that it has already been filled it out with your information. As you review the application you will proofread the answers you gave me, sign it, and send it back.

There will also be a cover letter attached with the application that gives you a list of additional documentation that I will need. This list typically requests items like Pay Stubs, Tax Returns, Bank Statements, Photocopy of Your Driver License, etc… There will also be a return envelope for you to return the application and copies of the items I request. If there are any areas that are not perfectly clear we can review them at this time.

This application is basically a rough draft of your purchase transaction. All numbers will be subject to change as the purchase price will most likely be different than the estimate illustrated in the application. Also, by signing the application, you are still not committed to do business with me (the lender) it just allows me to continue to work for you in your best interest.

Looking for a House – I am not as involved in this stage as you preview houses with your realtor. However, a common question is “How long is my pre-approval good for?” Usually a LSR is good for 90 to 120 days assuming that your employment does not change during that period. Technically, your credit report is only good for 90 to 120 (depending on the lender/bank) so it needs to be re-pulled every 90 days to ensure your scores are accurate. I usually check in with you & your realtor every 3 weeks or so to get an update on your search.

You find a House – and it is time to put in an offer. Like I described earlier, I will usually write a custom LSR to go along with your offer. It is common to have multiple counter offers bounce back and forth between parties until you actually have a contract that is agreed upon, and signed by both parties. Once you have the signed contract we are in business and it is time to LOCK your loan.

Locking - This term refers to how we secure the interest rate on your new loan. The bank that your loan is going to, will allow us to “lock in” today’s interest rate that they are offering. They will guarantee that specific rate for a fixed period of time, typically 30 days. I recommend locking the rate as soon as we have a contract, and begin processing the loan.

You also have the option to Float. Floating means that you are not locking in today’s rate – rather, we will see what the market does over the next few days (or weeks) and try to get a better rate. We can do this for you in hopes of bettering your situation, but it is a gamble and there are losers.

The truth is that interest rates change every day, and even the savviest financial expert cannot tell you what is going to happen to rates. We can make educated guesses on the future of interest rates, but there are so many variables that affect the market that we can often be wrong. My advice to everyone is, “…If the loan makes sense with the rate you see today, you should lock that rate and move on.”
Usually, the close of escrow will be set roughly 30 days into the future, so your option to float will only last about 10-14 days until it is time to send you loan to underwriting. You need to commit to a rate at that time.

Inspection- You will most likely have a 10 day window (from the date the contract was signed by both parties) to have an inspection done on the subject property. The inspection is mostly for your information to let you know what problems the property might currently have (bad roof, mold, bad wiring, etc…). After you get the results from the inspection you can decide…

• You still like the property and will buy it as is
• You don’t want to pursue buying the property
• You want to negotiate with the seller to repair the property
• You want to negotiate with the seller to compensate you for the cost of repair

To complete your loan, I do not need a copy of your inspection. The only reason I am pointing it out here is because I usually recommend that we wait to have the property appraised after the inspection has taken place. Appraisals usually cost $300 - $400, and I do not want you to pay for an appraisal if it turns out that you reject the home after a poor inspection.

Processing - This is a general term in lending that can mean so many things. In this case I am referring to the internal paperwork that I request on your behalf in addition to your application. We can have dozens of items to collect for your loan, but the big ones are your Appraisal, Title Report, Home Owners Ins., Loan Payoff Amount, HOA, Flood Certification, and Property Tax info. In most cases, all of these items get collected by me without any effort on your part.

I will be asking you at this time to send me updated paystubs and bank account statements if the ones you previously submitted are over 30 days old. Once my processing is complete, and I receive updated documentation, we enter a new stage called Underwriting.

When I receive a copy of the appraisal I will contact you with the value of the property and send you a copy of the full appraisal either electronically or by mail.

Underwriting – The bank that will be servicing this loan always requests that the loan gets underwritten before they fund it. Underwriting is the process of a special person reviewing all of the information & documentation to verify that all of the loan requirements are met. This process of underwriting usually takes a few hours, however it can take several days before the underwriter can see the file due to their current volume, or where they are physically located.

During the underwriting process, the underwriter can request additional documentation from us if they have any issues with the loan. This additional list of documentation is referred to as “conditions”. In most cases, I will handle all of the conditions myself. On occasion, I may call you to get me more info on something, or to write a letter of explanation to the underwriter.

Once all of our conditions are “satisfied”, we can now move on to you signing the documents on the loan for your new home.

Signing the Documents – Here is when I call you with the good news that your loan has been approved, and to schedule a time for you to sign the final loan Documents. This usually takes place at the Title Company and will take from 30 – 90 minutes depending on how many questions you may have. Be prepared to sign your name about 100 times. If your schedule does not permit you going to the Title Company, I can have a mobile signer come to your home or office at your convenience.

This will actually be the very first time that you see the final numbers on the loan. The more important numbers would be your monthly payment and how much money you will be paying at the closing table. Up to this moment, everything you have seen in the application and the good faith estimate are truly estimates. It is common for you to sign the document several days before the close of escrow.

Funding & Recording - Just because you have now signed the documents, does not mean everything is finished. There are two more elements that take place before you get your keys. You need the loan to Fund and for title to Record before you take possession. These are things that the Lender and the Title Officer do for you. Generally, the loan will fund and the title will record on the close of escrow date. The close of escrow date should be on a weekday, and you should only assume that you will get the keys sometime before 5pm on that day.

• Funding is the act of receiving a wire of money from the bank to the Title Company. All wires are routed through the Federal Reserve so they can take about 4 hours to complete. In most cases the Loan will fund around 12:00pm on the close of escrow.
• The actual recording of title is a County function (by County employees) and it is just best to assume that your loan will not record until 4:59pm on the close of escrow.

Timeline – A typical purchase will have a 30 day escrow period in which all loan functions (and the inspection) are to be completed. Sometimes a longer escrow period is called for because it helps the buyer or seller coordinate a move day (i.e. 45 days or 60 days).

Sometimes there is a desire to have a shorter close of escrow due to special circumstances. Please note that it will still usually take about 15 business days to complete your loan if everyone rushes.

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
www.communityfirstfinancial.com
www.jimcunninghamcff.blogspot.com
http://activerain.com/jcunningham

What did todays rate cut mean??

Today’s prime rate cut of .75% means that mortgage rates are going to continue to drop even lower,.. Right? Not Necessarily!!!

As much as I hope that rates continue to drop for homeowners, this rate cut does not mean that the 30 year rates will go down immediately. Rates have actually dropped significantly over the last 3 weeks on the assumption that the Feds were going to drop the Prime rate at least .50% (and some speculated that it might be as high as 1%). Had the Feds only dropped the rate .25% today, rates would actually have gone up today due to the over speculation from the previous weeks.

Please note that 30-year fixed rates correlate directly to long term bond yields, not the Prime rate. Thus, the outlook for the future of our economy is the most important factor in what 30 year rates do today,.. And unfortunately that is very subjective.

SO WHAT DOES THAT MEAN TO YOU??

The good news is that rates are as good as they have ever been in the last 6 years. If you need to refinance out of an ARM do it now. In fact, my advice for the last 6 years has been pretty consistent, regardless of the market. IF IT MAKES SENSE TO REFINANCE OR PURCHASE TODAY – DO IT. These markets are very difficult to predict, and loan programs are changing (for the worse) every day. I would rather you Ieave .125% on the table by refinancing now, than losing .25% by waiting too long, or worse… losing your ability to refinance.

Arm yourself with knowledge!

Jim

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
www.communityfirstfinancial.com
www.jimcunninghamcff.blogspot.com
http://activerain.com/jcunningham

The Next Refinance Boom is Here

THE GOOD NEWS ABOUT RATES!!

Despite all of the recent well reported real estate related woes, I have great news for everybody. RATES ARE DOWN! And truth be told, rates are actually way down. Rates are currently better than anything we have seen in the last 3 years, and by the time you read this, they could be at an all time low for the last 10+ years!

The reason they are so good today is really difficult to pinpoint. There are really dozens of reasons, but my market advisors are saying that these low rates are influenced from the speculation that the Fed will continue to lower prime (which is a good guess).

Here are my rates on Jan 15th. These rates assume that you are a perfect borrower*. If you are not that perfect borrower – rates are still very good.

30 year fixed 5.625% (no points)
15 year fixed 5.000% (no points)
5 year ARM 5.375% (interest only) (no points)
5 year ARM 4.875% (interest only) – (paying one point)

Please give me a call (or email) to explore if this is a good time to refinance. Aside from the many that will refinance during this rate spike, this is a fantastic time to purchase investment property.

All Best!!

Jim

*Perfect borrower is generally someone with a 700+ credit score and can document their income (tax returns/paystubs) and reserves (bank statement/401K). Also, the perfect borrower will have a 20%+ equity position in their home.

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
http://www.jimcunninghamcff.blogspot.com/
http://activerain.com/jcunningham

Bush's subprime rate freeze problem

President Bush recently signed legislation to freeze the introductory 2 year "teaser rate" on all subprime loans for an additional 5 years. The rate freeze will apply to loans taken out between January 1, 2005, and July 30, 2007, and scheduled to rise in 2008 and 2009. This is designed so that on the 25th month of a 2/28 subprime ARM your interest rate does not adjust (up) and increase your monthly payment by $100s of dollars.

Truth be told that this is nothing more than a political move. It looks like Bush is doing something substantial, but it really has no impact. This is what my father likes to call "Air & Scenery", because it really cannot help nearly as many people as they are predicting.

Consider this; one of the criteria to qualify for the rate freeze is to not have been 30 days late since the current loan has been in place. There were so many good 100% financing programs available 1 year ago that good borrowers did not have to get subprime loans for these purchases. I would speculate that 75% (or more) of the subprime loans originated 2 years ago were for legitimate subprime borrowers who had sub 600 FICO scores.

I would venture to guess that well over half of these people have been late on their mortgage in the last 18 months.This means that of all the subprime loans that are "targeted" for this interest rate relief - over 50% of them will not qualify due to their mortgage history.

This does not even consider the other criteria for this rate freeze. The sad truth is that probably less than 25% will get any benefit from this maneuver.

Arm yourself with knowledge!

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
http://www.jimcunninghamcff.blogspot.com/
http://activerain.com/jcunningham

What is Locking a loan really mean?

What does it mean when a lender "Locks your Loan".

A common misconception people have of the locking process goes something like this,… The lender/broker asks you if you want to lock in the rate at 6% for 30 days. You agree, and then the broker calls the bank and tells them to set aside X dollars at 6% for the next 30 days. And now that you are locked, you do not have any options to “change” you loan scenario. Be aware my friends, this is not true.

To lock a loan is basically an agreement to a specific “point in time” with a lender. A good way to envision your lock is to write down the date and time that you agreed to lock your rate. Now you and the end lender have agreed to do business under the market conditions surrounding that specific lock time. If you locked right now for 30 days then you would be granted pricing on December 28, 2007 at 9:14 am for the next 30 days regardless of what happens to the "market".

Lenders can have hundreds of different loan programs available every day, and the price that bank is willing to pay brokers for loans are constantly changing. This locking freezes all of the prices given at that time, and keeps them all available to you. So, what does that mean to you??

You have the ability to change many different things in regards to your loan that do not break the lock. You can change the loan amount. You can extend the lock period (for a fee). You can change the loan program (from a fixed to an ARM). You can even change the rate if you wish.

In changing the rate you are not altering how much the end lender is paying the broker for that loan. However, you can "buy down" the rate by paying your broker a fee, or you can raise your rate and have your broker pay for some of your closing costs with the additional money he/she will get for your loan.

So why is this important??

If your loan officer tells you that you cannot change aspects of your loan because you are “already locked” – that is usually not true. This could be a red flag that you are getting into a suspect loan. Be sure to ask direct questions about your lock, and if the answers you get are unclear or vague, you should probably look for another loan officer.

Arm yourself with knowledge!

JIM CUNNINGHAM
Community First Financial, LLC
7575 E Redfield Rd Suite 235
Scottsdale, AZ 85260
480-305-8900 ext 305 - office
480-907-2435 - fax
602-434-8261 - cell
jcunningham@communityfirstfinancial.com
http://www.communityfirstfinancial.com/
http://www.jimcunninghamcff.blogspot.com/
http://activerain.com/jcunningham