Have you ever heard the term locking your rate? It refers to locking your interest rate on your mortgage loan.
You can go through the process of getting approved for a mortgage and have your rate change before you get the loan. You can get a quote on the interest rate but if it is not locked it may not be the rate you get when you close on your home.
Yes you read right. Just because you are quoted a rate that may not be the rate you get at the time you actually close or finalize your purchase.
Many times buyers are surprised because they were quoted one rate and then the rates went up before they closed and now they are being asked to pay another higher rate.
I have an article to help you understand and protect yourself by locking in your mortgage rate.
Click on the link below for some great information to help you get the rate you were quoted.
Hope this clears up some of the rate issues for you.
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