Locking-in Real Estate Interest Rate

When shopping for a real estate home loan in Apple Valley CA and the surrounding High Desert areas, your lender may give you a quote on the interest rate and points (additional fees charged by the lender usually paid at closing by the borrower). This quote only represent terms available at that time. These fees may not be available by the closing date (which may be weeks or months in the future). To ensure the rate and points are the same at closing as they are when quoted, you'll need to lock-in the interest rate.

Most lenders will commit in writing to a mortgage interest rate for a specified time period while your loan application is processed - this is known as "locking-in" the rate.

If you elect to lock-in an interest rate, it is best to deal with a lender who provides a written lock-in agreement. Be sure to read this agreement carefully, some lock-in agreements become void due to actions beyond your control - such as a change in the maximum rate for VA-Guaranteed Loans.

Be sure to ask your lender before you lock-in what interest rates and points will be charged if the loan is not closed before the lock-in period expires.

For more details on locking real estate interest rates see our web site.

For your entire Apple Valley CA Real Estate needs: visit our web site at http://www.RealEstateAppleValley.com