rate locks: Save Big by Choosing the Best Rate Lock
- 09/16/10 02:36 AM
Want a lower mortgage rate on your upcoming Colorado Home Purchase? Think about moving up the closing date. The reason is rooted in "rate locks", a bank's guarantee to honor a specific mortgage rate for a specific, finite period of time. Rate locks allow home buyers to reserve mortgage rates today even though their respective closings may be scheduled as far as a year into the future. A rate lock is a contract. No matter what the "current market rate" is at the time of closing, the bank will honor the terms of the original rate lock. It would be like … (3 comments)
Want a lower mortgage rate on your upcoming Colorado Home Purchase? Think about moving up the closing date.
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