Rate Lock Duration Lock durations can vary for mortgage financing, but most lenders lock in the interest rate for 60 days from the date the loan application is submitted. As long as the loan is closed within that lock-in period, the lender honors the agreed upon interest rate. | |||||||||||||||||||||||||||||||||||||||||||
Mortgage Interest Rates* | |||||||||||||||||||||||||||||||||||||||||||
Rates as of 06/25/2007: | |||||||||||||||||||||||||||||||||||||||||||
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*Rates are subject to change due to market fluctuations and borrower's eligibility. | |||||||||||||||||||||||||||||||||||||||||||
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TBA - Kailua, HI
Hawaii Mortgage Loan and Refinance
Thanks Ramsey. 60 day lock, really? Maybe in GA it's done a little differently, but in Hawaii a 30 day lock is usually enough time to close it. Unless it's VA then we'll do a 45 day. I've never heard of 60 day here, interesting. Good for those long closings!
Jun 29, 2007 06:57 AM
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains
Ramsey, thanks for this information. I had no idea and it never crossed my mind that a low rate is being advertised with the lender knowing full well that the buyer does not have time to meet the conditions. Oh, how I wish the powers that be would put an end for these type of misleading tactics. I applaud you for bringing it to our attention.
Jul 15, 2007 11:08 AM
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