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You are here: Home / Uncategorized / Getting a home loan; here are some considerations about when to lock the rate

Getting a home loan; here are some considerations about when to lock the rate

October 12, 2012 by Curtis Van Carter Leave a Comment

 

Locking your mortgage rate is one of the most important things you do when obtaining a home loan. Lock too soon and your rate can expire and you may have to go through the whole process again and in the worse case, rising interest rates, you may not qualify and you could lose the deal. Thus being out all the time and expenses in trying to get a loan. Lock too early when rates are falling and you may miss out on the best interest rate.

This is why using a great professional agent and mortgage for bought your purchase and getting your loan is so important. Let me use my 30 years of experience to help guide you through this process. If I can help you find the perfect Napa Valley property, please email me

Curtis@NapaValleyAddress.com

Some considerations for locking your home loan

  • The rate lock might be the most complicated issue mortgage borrowers need to understand.
  • A rate lock is a guarantee that the lender will offer the borrower a specific combination of interest rate and points.  A point is a fee or rebate equal to 1 percent of the loan amount.
  • Also essential to a rate lock is a time period, typically 10, 15, 30, 45 or 60 days.
  • A rate lock protects the borrower from rate fluctuations for the duration of the lock period. If market rates rise after the rate is locked, the borrower will still get the lower rate, to the lender’s detriment.

But there’s a downside: If rates fall after the rate is locked, the borrower might not be able to take advantage of that opportunity

 

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Curtis Van Carter, has been one of Napa Valley Real Estate's most knowledgeable and experienced agents. He has been characterized by his clients for his honesty and knowledge to make a home sale or purchase as smooth as possible. If you are interested in selling or listing a home please call or EMAIL Curtis here.

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6600 Yount Street #34 , Yountville

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  • Home size: 1,666 sq ft
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Photo of 216 Vista Court, Yountville, CA 94599 (MLS # 21809429)

216 Vista Court , Yountville

  • Home size: 1,224 sq ft
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previous
  • Photo of 1522 Yountville Cross Road, Yountville, CA 94599 (MLS # 21722381)

    1522 Yountville Cross Road , Yountville

    Home size: 2,105 sq ft Lot size: 43,560 sqft Year built: 1960

    Listing provided by , Gates Estates Sotheby's International Realty

    3 beds 2 baths $1,989,000

  • Photo of 6600 Yount Street #34, Yountville, CA 94599 (MLS # 21802160)

    6600 Yount Street #34 , Yountville

    Home size: 1,050 sq ft Lot size: 871 sqft Year built: 1990

    Listing provided by , Coldwell Banker B of V-Napa

    2 beds 2 baths $725,000

  • Photo of 1986 Yountville Cross Road, Yountville, CA 94599 (MLS # 21807003)

    1986 Yountville Cross Road , Yountville

    Home size: 1,646 sq ft Year built: 1982

    Listing provided by , Portofino Realty Advisors

    2 beds 2 baths $799,500

  • Photo of 1906 Oak Circle, Yountville, CA 94599 (MLS # 21808364)

    1906 Oak Circle , Yountville

    Home size: 1,666 sq ft Lot size: 6,098 sqft Year built: 1982

    Listing provided by , Gates Estates Sotheby's International Realty

    3 beds 2 baths $1,879,000

  • Photo of 216 Vista Court, Yountville, CA 94599 (MLS # 21809429)

    216 Vista Court , Yountville

    Home size: 1,224 sq ft Lot size: 1,742 sqft Year built: 1979

    Listing provided by , Pacific Union International

    3 beds 2 baths $3,849

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