Getting Good Home Mortgage Terms and Rates with Tricks of Timing

Home loans and mortgage interest rates dropped late last year, and in December the thirty year fixed rates were below 5 percent.

 

Mortgage interest rates sometimes change three times in one day, and getting the best possible rate is a signficant goal of the borrower.

 

It's almost impossible to time the lending and finance market, and some buyers are locking in a rate, possibly when they submit their loan application and purchase contract.

 

A rate lock is a commitment from the lender to hold an interest rate for a period of time. 

 

What are some risks and advantages of locking the rate?  Get your copy of the Federal Reserve Board's "A Consumer's Guide to Mortgage Lock-Ins" online.

 

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Harrison K. Long, Explore Group, Coldwell Banker Previews, Irvine, CA.  Irvine Realtor.  CA DRE #01410855.  ExploreProperties@gmail.com.  Tel. 949-854-7747.  

                 

see Inman news article - Securing best mortgage terms is a race against time - click here.

Posted via email from Explore OC Homes