Correct mark in the Interest Rate Lock Agreement

Aug 6th, 2022
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How to correct mark in the Interest Rate Lock Agreement

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[Music] hi guys Mortgage mark here to talk to you about locking your interest rate guys Ive tried making this video a dozen times I failed miserably it ends up being so long that its not interesting and I know that so the best thing I can tell you read the information down below its absolutely pertinent relevant important stuff but if Im gonna sit here and pontificate and tell you how how to do it its gonna be a ten minute video so just read down below call us if you have any questions rates do change daily my recommendation just so you know dont overthink it if theres a rate quoted and you like it and its within your budget and everythings good lock it and protect yourself from future market movements call us who have any questions

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Besides showing a range of rates for each program, rate sheets will also show a range of lock-in terms, usually for 15, 30, 45, 60 and 75 days. The shorter the term, the cheaper the cost for the rate. But long-term locks can be valuable to protect against market volatility.
Mortgage rates change frequently. A rate lock helps protect you from those fluctuations, so you wont pay more if prevailing market rates rise before you close on your loan. You can lock your rate for anywhere from 30 days to 120 days, depending on the lender.
Rate Locks are to be written and signed agreements by our borrowers from what I gather on this unclear rate lock topic.
Never lock in a rate before the contract is signed. Know what your on or about closing day is. Most mortgage lenders offer 15, 30, 45 and 60-day rate locks. Choose a lock period that gives you the comfort of knowing you have enough time to get through closing.
Also, keep in mind that the lender can void a rate lock if certain items on your credit report or mortgage application change between the time of your agreement and final underwriting.
If your interest rate is locked, your rate wont change between when you get the rate lock and closing, as long as you close within the specified time frame and there are no changes to your application. Rate locks are typically available for 30, 45, or 60 days, and sometimes longer.

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