Rate locks can freeze an interest rate on a mortgage for a specified period of time, typically for 30, 45 or 60 days (but can vary), and can strategically be used to benefit the home buyer. But how exactly do they work? Let us help demystify just how rate locks work.
When you first get interest rate quotes over the phone, email or even see rates listed on a company’s website, it’s extremely important to understand those rates aren’t available to you. That[...]
There’s no doubt buying your first home can be a little intimidating. It’s certainly a big commitment and even though you’ve read rent vs. buy articles convincing you buying is better, it’s still no small decision. And that’s okay! All homeowners can remember when they bought their very first home. Suddenly there were new terms bandied about, multiple parties involved, tax returns, paycheck stubs…it can be a bit overwhelming. But knowing in[...]
It can be a whirlwind 30 days from the moment the sellers accepted your offer and signed the sales contract to the final settlement. Once the contract is executed by both parties, it all begins. You’ve already provided your lender with your paperwork needed to get your preapproval letter, so now it’s time for various third parties to get involved. Most of these third parties you’ll never interact with. The only connection will be to pay for your share of closing costs at[...]