When Should I Lock My Mortgage Interest Rate? Answer from Mortgage Broker Bill Rayman

When Should I Lock My Mortgage Interest Rate? Answer from Mortgage Broker Bill Rayman. DON’T Lock In That Variable Mortgage

When Should I Lock My Mortgage Interest Rate? Answer from Mortgage Broker Bill Rayman video duration 5 Minute(s) 58 Second(s), published by Bill Rayman Home Mortgages on 26 11 2013 - 23:47:42.

A typical interest rate lock guarantees your interest rate for 30 days from the date your application is received unless otherwise stated
The lock does not obligate Daily Mortgage Interest Rate Information for August 20, 2018
Lock your interest rate.

Coastal Capital is a mortgage funding company that seeks to help you get your dream home NOW
Lock and Shop is one of our products that lets you lock in a On the heels of the Bank of Canada raising interest rates, we discuss whether you should lock in your variable rate mortgage
This video gives five reason to stay It's July 11, 2018 and Prime rate has just gone up again
but believe me, locking into a fixed rate mortgage is riskier than you think.

A typical interest rate lock guarantees your interest rate for 30 days from the date your application is received unless otherwise stated. The lock does not obligate you to the loan nor does it obligate the lender to fund. It merely eliminates the risk of interest rates increasing while final negotiations are in process. If interest rates fall, we may or may not be able to re-lock with the same lender at the lower rate.

Since the lender is absorbing the risk of a potential increase in rates, there is a cost for taking on this risk. Therefore, when you shop for mortgages, a 7% interest rate with a 60 day lock is a better deal for you than a 7% interest rate with a 30 day lock.

http://MortgageHelpLosAngeles.com 424-353-5325 https://guaranteedrate.com/BillRayman
Once you submit and the lender receives your application, a lock for that interest rate is established. You will receive a confirmation in your loan approval package. At this point your interest rate will be guaranteed as long as you are approved, and assuming you submit all information prior to the deadlines in the lock.

Bill Rayman Home Mortgage
12121 Wilshire Blvd
Suite 350
LA CA 90025

424-354-5325

bill.rayman@guaranteedrate.com