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Looking Around for Home Mortgage

Rate Savings Part 2

Ask about the Rate Locking Time in Your Mortgage Rate Quotation Depending on how long the closing time is, you will need the same number of days for the mortgage rate lock period.  If closing is in 60 days, the rate lock period should be 60 days. You may also be offered 15 or even 30 day lock period only because this carries a discount point because of the lower number of days for the closing. The 15 day rate is not the best one since sometimes it is not possible to close in this little time. This rules in the loan officer’s favor so it is best to have a closing rate of 30, 45 or 60 days since these are more reasonable time frames to get the process started and finished on time.  You will need to keep communicating with the loan officer regularly, a few times a week to ensure the loan application is on track. It’s better to take a little bit longer rather that push the closing into an unfeasible time frame. Lock in Your Mortgage Rate with the Lowest Rate Lender If you’re considering refinancing your home or are a first time buyer, you probably already have some quotes from lending officers.  The next step is to get your search down to about five mortgage providers which has the best terms and rates.  Select the lowest one and then apply for your refinance or your new loan. You can apply with lowest rate lender online or in person for your loan.  When you apply, let them know you need to lock the rate right away. If there are any changes in the quote, don’t accept the new higher quote.  Only go with the previous lower quote given.  If this is not done, walk away and tell the lender you will let him or her know if it’ll be accepted or not. When it happens again with the same lender, move onto another that has more ethical practices and apply there. Don’t fill out the application unless the loan officer you are dealing with can send you the rate lock confirmation to you as soon as it is done.  He or she should be able to fax or email it to you right away.  Once this is agreed to, fill out and submit the application.  Check the rate lock to ensure you have the right number of days you need.  Request a revision if it is not correct.
© Mortgage Hub, All Rights Reserved
Mortgage Hub Mortgage Information

Looking Around for Home Mortgage

Rate Savings Part 2

Ask about the Rate Locking Time in Your Mortgage Rate Quotation Depending on how long the closing time is, you will need the same number of days for the mortgage rate lock period.  If closing is in 60 days, the rate lock period should be 60 days. You may also be offered 15 or even 30 day lock period only because this carries a discount point because of the lower number of days for the closing. The 15 day rate is not the best one since sometimes it is not possible to close in this little time. This rules in the loan officer’s favor so it is best to have a closing rate of 30, 45 or 60 days since these are more reasonable time frames to get the process started and finished on time.  You will need to keep communicating with the loan officer regularly, a few times a week to ensure the loan application is on track. It’s better to take a little bit longer rather that push the closing into an unfeasible time frame. Lock in Your Mortgage Rate with the Lowest Rate Lender If you’re considering refinancing your home or are a first time buyer, you probably already have some quotes from lending officers.  The next step is to get your search down to about five mortgage providers which has the best terms and rates.  Select the lowest one and then apply for your refinance or your new loan. You can apply with lowest rate lender online or in person for your loan.  When you apply, let them know you need to lock the rate right away. If there are any changes in the quote, don’t accept the new higher quote.  Only go with the previous lower quote given.  If this is not done, walk away and tell the lender you will let him or her know if it’ll be accepted or not. When it happens again with the same lender, move onto another that has more ethical practices and apply there. Don’t fill out the application unless the loan officer you are dealing with can send you the rate lock confirmation to you as soon as it is done.  He or she should be able to fax or email it to you right away.  Once this is agreed to, fill out and submit the application.  Check the rate lock to ensure you have the right number of days you need.  Request a revision if it is not correct.