STRATEGIES IN REAL ESTATE: THE RATE LOCK

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A mortgage rate lock could help you save some money on the total cost of your home. A lock is essentially an agreement that says a lender will charge a specific rate and price on the mortgage for a specified period of time while a borrower gets ready to close.

Common lock agreements are for 15, 30 or 45 days, and if your loan doesn’t close by the agreed-upon deadline, you could be subject to fees to extend them.

If you’re not sure when to lock in an interest rate on your mortgage, here are a few things to consider in getting the best possible rate and price.

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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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