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👨‍💼What is Rate Lock?

By
Real Estate Agent with Ambrose Realty Management LLC SA634540000

💥What is Rate Lock?


 ☀️For ALL of Your East Valley AZ Real Estate Needs

📞Call or 🙋‍♂Text Brian at 480-773-2370

📨Email Brian  ~  Search the MLS for FREE



 

️Ever heard of a 'rate lock'? Mortgage lenders often use industry lingo that can be confusing. Learn what a rate lock is, why it matters, and how it protects you in the dynamic world of changing mortgage rates.  To read the full article...  Click HERE.

 


I specialize in the East Valley of the Phoenix Metro area - Gilbert, Mesa, Chandler, Tempe, Scottsdale, Apache Junction, and Gold Canyon


☀️For ALL of Your East Valley AZ Real Estate Needs

📞Call or 🙋‍♂Text Brian at 480-773-2370

📨Email Brian  ~  Search the MLS for FREE

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Brian,

Very helpful information to many. 

Have a super fantastic week!

Bill Salvatore, Realtor- Arizona Elite Properties

Feb 21, 2024 04:37 AM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

Real estate including mortgages can certainly be confusing. Explaining terms is a good idea!

Feb 21, 2024 04:45 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Brian. "Rate lock" started out as setting your rate and then see lenders adapted the idea of locking in your highest rate but adjusting downward in rates dropped. Get your lender's definition at the start. Enjoy your day.  

Feb 21, 2024 04:49 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You are right about that Kat Palmiotti not everyone understands most of the jargon used amongst professionals, haha.

Feb 21, 2024 05:13 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Good morning, Wayne Martin a good lender will make sure their clients do the right thing!

Feb 21, 2024 05:14 AM
Roy Kelley
Retired - Gaithersburg, MD

This is good information to share with prospective mortgage borrowers.

Feb 21, 2024 05:26 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing great information on rate lock Brian!!!

Mortgage lenders often use industry lingo that can be confusing. Learn what a rate lock is, why it matters, and how it protects you in the dynamic world of changing mortgage rates.

Feb 21, 2024 05:32 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Rate lock can be good and bad. It sets the rate for a buyer but it is also a time clock for the transaction to close and the change in rate can get expensive.

Feb 21, 2024 05:46 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You are welcome, Sham Reddy CRS I always enjoy seeing your comments on my posts!  I hope that you will have a fun day!

Feb 21, 2024 05:54 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is true Ed Silva, 203-206-0754 that is why it is very important to choose a lender that can be trusted.

Feb 21, 2024 05:55 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

Brian, Rate Lock can be advantageous or disadvantageous. It establishes the rate for a purchaser, yet it also functions as a ticking clock!

Feb 21, 2024 06:10 AM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You are right about that Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 it's a really bad thing if rates are going down, haha.

Feb 21, 2024 06:12 AM
Jim Crawford
Long & Foster - Fredericksburg, VA
Jim Crawford Broker Associate Fredericksburg VA

Thank you for taking the time to share this information.  This is great stuff for buyers!

 

Feb 21, 2024 08:59 AM
Abby Stiller
TOP SELLING REALTY - Cape Coral, FL
SW Florida (239) 284-8637

Great information for home buyers Brian England and a reminder to always work with a reputable lender. 

Feb 21, 2024 12:39 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You are welcome, Jim Crawford I appreciate you taking the time to visit my blog!  I hope that you are having a great day!

Feb 21, 2024 01:12 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It's not much fun for anyone in the transaction if a good lender isn't part of it Abby Stiller, your words are true!

Feb 21, 2024 01:13 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Brian one thing the article does not mention is that rate locks are not on the borrower, they are on the property.   So most lenders will not lock a rate until the borrower is under contract on a property.

Feb 21, 2024 03:16 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That makes a lot of sense George Souto and I didn't know that.  That is why working with a lender like you is so important!!!

Feb 21, 2024 03:32 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great post for buyers in a crazy market when rates can go up or down depending what day of the week you are in, Endre

Feb 21, 2024 09:24 PM
Brian England
Ambrose Realty Management LLC - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Whether rates are going up or down Endre Barath, Jr. it's a way to know for sure what you will be paying, haha.

Feb 22, 2024 03:39 AM