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Save Interest Rate Lock Agreement in PNG

Save Interest Rate Lock Agreement in PNG

Aug 6th, 2022

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How to Save Interest Rate Lock Agreement in PNG

4.7 out of 5

75 votes

Sean Reynolds, owner of Summit Properties Northwest, discusses the concept of locking an interest rate with Dan Chapman from Fairway Independent Mortgage. Locking a rate means securing a specific interest rate for a designated period, typically 30 days if closing the loan soon. This guarantees that borrowers will not receive a rate worse than the locked rate. Borrowers have the option to extend the lock if needed and, in rare cases, may benefit from a rate improvement while still ensuring they won't go above the locked rate. The conversation touches upon the potential costs associated with longer lock periods.

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