If your loan is with a large commercial bank such as HSBC, Washington Mutual, Wells Fargo or Bank of America, be concerned.The banks have been pulling loan programs and increasing interest rates at dramatic levels these past few weeks. Loans that have been given commitment letters are being pulled. Loans that have been locked will not be relocked.Programs that were here today are gone tomorrow.

     For example: loans over $417,000 , combined first and second mortgage, second mortgages and HELOC’s, loan to values over 90%, FICO scores under 680 and many others.If your mortgage has fallen into the categories listed here or might be a risky loan in the near future, it might not close where it is.

     Call your loan officer and go over your loan particulars and discuss alternative loan programs if your loan should no longer be available. The only way to be safe is to have a back up plan.A back up would be a new loan program, more assets, a co signor or a back up lender.If your loan is with a direct lender, and you think it might not go through, apply somewhere else.

     If you loan is with a mortgage broker, they should have your loan at more than one lender.Call then discuss it and see where else you loan has been approved.If you have not read the papers, please do so today.Only the informed, will prevail. Lots of luck to all—including me!

-Dale Siegel