Lock Down

It is possible, just ever so slightly possible, that I have brought the Bosses a loan.

Did you just pee your pants? 

Nothing has closed yet so don’t get too excited, but I think the Bosses locked a loan for someone who wrote “Just the Assistant” in the referred by section of the loan application.  What!?  First of all, let’s talk about what “locking” a loan means.  I realize that might be the most boring sentence you’ve ever read, but you’ve just got to know this stuff.

I got my own home loan through the Bosses before I even started working here.  I was refinancing my first house because I am super-savvy and knew I could save money on the interest I was paying on my mortgage.  This is where my smarts ended (when applied to money anyway.  Hair?  That’s a different story.) because when James emailed me all those years ago saying something along the lines of “We’ve locked your rate…” I had no clue what he was talking about.  I just wrote back and said, “Oh I know – right!?”

Did I mention I worked for a mortgage loan officer all throughout college?  Not even kidding.

Allow me to share what I’ve learned since.  Let’s say you ask my kind, smart bosses for a loan in order to either buy a home, or refinance the one you already own.  They would quote you a rate and break down all the numbers.  At some point you would both agree it is time to lock in the interest rate.  Here is why. 

If Envoy Mortgage is going to loan out money for you to buy a home, they provide a rate in which they will charge interest on that loan.  Now it would be a real hoot if they said, “BTW – this is good forever!  Cash in whenever you like!”  But they just can’t do that.  What they do is say, “Here is the rate for the loan you would like – we’ll honor this if you close your loan within X days.”   Most of my bosses’ loans are locked for 30 days, but there are a few other options available.

In a nutshell, locking a rate means everyone has agreed on the interest rate.  From that point forward the loan is on go, and you can look forward to your closing date in which you either own a new home, or start saving money on the one you already own.

The loan I think I’ve brought the Bosses concerns the latter of the two examples.  My referral is going to save a wad of cash each month because she is refinancing her current mortgage into a loan with a considerably lower interest rate. 

So, I will pay you off if you use my bosses for a home loan and lock a rate today now you know a bit more about the mortgage process, and when you are ready to lock a loan you will be totally in the know.  You can even act all sassy about it, and when James or Chad starts to talk about locking the loan you can be all, “Excuse me but I already know all about this.  Just lock me a low rate, right?”  Then hang up the phone.  Bam.  Done.

If my snooping proves right and they have indeed locked this loan, I plan to attend closing.  That’s an added bonus if James and Chad provide your loan.  I have not asked them if I can do this, but I plan to attend every single closing for loans I bring them.  Trust me, this is invaluable. 

Do you know how boring closings are? 

Do you know how funny I am? 

Do you know that I can convince the Bosses to take us out for pizza afterward?  I mean, probably anyway. 

Anywho, get to lockin’!  If you are curious what rates are today (actual rates, not what the creepy ads say on the side of your Facebook page), call or email me.  And in an act of thoroughly amusing counter-productivity, I’ll call the Bosses, ask them what rates are, and relay all the information to you so that we have a chance to gab about where we’ll eat after closing.