MANAGING THE MORTGAGE LENDING TIMECLOCK: TIPS TO LOCK IN BETTER RATES

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When you finance a home using a mortgage, your interest rate is based on time-to-close -- the fewer days it takes to get you from "rate lock" to "closing", the lower your mortgage rate will be.

This is true for purchase mortgages and for refinance loans, too.

For every 15 additional days it takes to close your loan, in general, your quoted mortgage rate increases by 12.5 basis points (0.125%).

However, you don't get the liberty of choosing the shortest possible mortgage rate lock, then extending 15 days at a time, as needed. At the beginning of the mortgage approval process ,mortgage lenders require borrowers to state for how long they'd like to lock their loan.

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Keith Kaplan

CalBRE #01933707
Sothebys International Realty
9255 Sunset Blvd.
West Hollywood, CA   90069

keith.kaplan@sothebyshomes.com

310-646-7791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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