It gets better. The lease says I owe the full month’s rent on the 1st but can’t move in until the 22nd. Why, you ask? So did I. The answer? Because they need time to “go through the units and make sure they’re move-in ready.”
Okay… so why isn’t that done over the summer? Great question. No idea.
It gets better yet. If Brendan wants to move in before the 22nd, we’d have to pay $100 per day. Wait, what?? Pay full rent plus $100 a day? Thankfully, they ultimately accommodated us with no extra charge.
Brendan doesn’t have an official report date yet, but it’ll be early August as they gear up for fall baseball. At this point, I think my side hustle needs to be apartments in college towns where you can squeeze every cent out of students and parents. 😊
Lending Insight*
I’ve mentioned this before, but it’s worth repeating. One of our team’s biggest value propositions is our attention to detail and taking a consultative approach with every client.
Last weekend, I was referred a client who had just been declined by another lender. The loan program they were trying to use required an automated approval, and the other lender wasn’t able to get one.
When I reviewed the application, I noticed a few key things were either missing or inaccurate. Both borrowers had steady jobs, but no retirement accounts or 401(k)s were listed. One borrower indicated he hadn’t owned a home in the past three years, but he had just sold one. Turns out, they did have retirement accounts, and he had owned a home previously.
Once the application was updated with accurate information, we received an automated approval. Now, I’m not naïve enough to say those updates alone got us the approval. There are always a number of variables. But after 30 years in this business, I can tell you that accuracy always matters. Every little detail impacts these automated systems.
*This communication is for informational purposes only and is not a commitment to lend by Potomac Bank Residential Lending. All loans are subject to approval.
Market Update
It was a pretty quiet week in the market, with mortgage rates for most programs holding steady at last week’s levels.
As mentioned in last week’s update, there wasn’t much to chew on from an economic data standpoint. Often, these quieter weeks can cause rates to drift upward, so the fact that we held our ground is probably a small win.
This coming week, however, could shift the trend. On Tuesday, the Consumer Price Index (CPI) report drops at 8:30 a.m. This will be the first inflation read for June. A lower-than-expected number would be good news for mortgage rates, while a hotter reading could push them higher.
Buckle up, and let’s cross our fingers for a favorable report. I think we can all agree that better mortgage rates, after the past few years, would be good for just about everyone in the business, as well as homebuyers.
Final Thought
Enjoy a great week, and as always, please feel free to give me a call should you have any mortgage-related questions or needs.
-Steve-