Sheila/Bob – as a follow up to my conversation with Sheila last evening, I am sending this email to summarize our plan.  I am printing applications for refinancing your loans.  You will receive them through the postal system while you are away for the Holiday.  These documents are an application only – the rates and fees are estimates and will be changing depending on market conditions.  You will get updated rate and cost information when we get authorization from you to lock your loan.  We are proceeding with the application process now for the following reason:Rates are priced based on the number of days between locking a rate and closing the loan.  By starting this application now, it will allow us to do the behind the scenes processing work needed to underwrite your application (appraise your home, verify employment, verify asset/liability accounts, etc.).  When the appropriate time comes to lock your rate, we will be able to do it on an expedited schedule thus affording you a lower rate/point structure.

Sheila shared with me your thought of waiting until Bob’s bonus is paid to determine if a buy down in rate would be appropriate.  I too think this is a good game plan.  Please share with us when you believe you will be receiving this bonus so we can determine the best course of action for discussing rate lock options.
Mitch Jacobs