Ryan’s Mortgage Blog:
We finally made it through the heat wave huh? I almost went out and bought a portable AC for the whole 5 days we would use it all year.

So the Feds met today and kept rates steady, which wasn’t a surprise. As far as mortgage rates (except for the 5 year ARM) go, they have been steadily creeping up over the last month. The average 30 year fixed went from under 6% to somewhere in the 6.375% range and it doesn’t look like it will stop there. These raises in rates have been mostly caused by the inflation problem, where May’s consumer and producer price indexes showed stronger levels of inflation.

Out of curiosity, I have a question for you guys about the blog I did last week regarding closing costs. It got me thinking about the day of closing and signing the paperwork. It can be rushed and very over-whelming, and things can be over looked. I was thinking about offering a service where I could come in the day of closing and help people review their paperwork and closing costs and point out any red flags and also help them understand things. OR maybe have people request me as the notary so I am there to help them through the process. Sometimes the Escrow company is there to do that, or other notaries can be helpful, but not always. As a licensed notary public I have seen some confused people on signing days, and sometimes I think they look at the documents as if they were written in a foreign language. I do my best to help explain things as a notary, but sometimes people are rushed, or are blindsided by some things, and feel pressured to just go ahead and sign everything. I realize that no one wants to see the transaction be voided on the day of signing, but than again my goal is to make sure the borrowers aren’t “swindled” in any way and that they understand everything. What do you think of my idea? Ideally, it would be nice to find any problems BEFORE signing the docs, but that doesn’t always happen, so wouldn’t having someone go with you on the day of closing be helpful? I figure if your lender or broker has been honest with you through the whole process they wouldn’t mind their clients receiving help with their loan documents. On the flip side, I have seen borrowers act clueless to some fees and try and get them knocked off, just to point out to them that they were on the GFE(Good Faith Estimate). So I would also not be doing this to knock of fees for the borrower or to bash honest lenders. Any feedback would be appreciated.

I can be reached at RBaker@PeregrineLending.com or 805-540-0866.