hi tom, the rates have been pretty crazy lately. most lenders have not increased their coonforming loan limits yets but i know of a few who have increased their limits up to 729 in some areas for FHA loans. if you want me to quote you a rate just send me an e-mail to loan_solutions@yahoo.com and i'll give you a response within about 20 minutes. by the way what rates have people been giving you ?

Tom as a loan officer unfortunately the Credit Crunch has really affected Jumbo Loan rates and as you have witnessed their are large swings presently. Since the day you asked your question rates have now swung back to where they have started from. That is today market place. In this case you are just subject to the whims of the credit market as long as it is deemed you can afford it. Your last statment about exact terms & price. The price of the property is controlled by you but the mortgage rate is subject to outside variables beyond your control. Rest assured knowing the rates have been swinging back & forth like this for the last 3 months.
Note. You can't lock an interest rate uintil you have a property in mind. That rate is not transferable to another property. If you can't get a mortgage because rates sky rocket you will not lose your earnest money. And the conventional loan limit increase really hasn't helped Jumbo loans rates yet.

You shoud get pre-qualified & lock in a rate as soon as possible.. The conforming loan limits have risen & you may be able to get what was a Jumbo loan at conforming prices..

Tom,

From the other side of the coin, I do appraisals all day every day and what I see it that location is key. If you find a property in the location you like and this is where you want to live, do it. Find the best company that will give you in writing the deal you are looking for. Set the rate and get them to agree in writing without any hidden costs to the agreement. This will probably mean you need to work with the big boys for the loan but there are good deals out there...


Thanks Johnè http://www.WestCoastServices.com

Tom, A rate contingency is something unusual. If your offer is made on a CAR form you could limit the interest rate in the financing terms to one you are agreeable to. Most listing agents will find this is a handcuff however, an offer IS an offer and considering all the terms of your offer will need to be considered more seriously. In other words...strengthening your position through contingecy time periods, down payment, closing dates etc...may allow for some more favorable debate. Good Luck. BTW...Different lenders will quote different rate so, you may very well find a lender who has better rates.

Michael
http://www.MichaelRobertsHomes.com