To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text HomeswithJustin to 85377.
Let's be honest, we've all been playing the "when will rates drop?" waiting game. It feels like we're constantly refreshing those mortgage interest rate pages, hoping for that sweet spot. If, and when, 2025 finally delivers those rates we've been dreaming of, there's a savvy move you'll want to consider: the mortgage rate lock.
Think of a rate lock as your financial shield against the unpredictable swings of the market. It's like putting a pause button on interest rate changes, guaranteeing you the rate your lender approves you for, for a specific period. Typically, we're talking 30 to 60 days – enough time to finalize that home purchase. If you're building a new home, you might even be able to negotiate a longer lock, giving you added breathing room.
Now, here's the kicker: lenders might charge a fee for this peace of mind, or they might fold it into your mortgage. Either way, once that rate is locked, it's set in stone. No matter what the economy throws your way, your interest rate remains unchanged. It's not just about locking in a number; it's about locking in a sense of security during what's arguably one of the biggest financial decisions of your life.
Of course, there's a catch. While a rate lock protects you from rising rates, it doesn't always automatically adjust if rates happen to dip lower. But don't despair! Some lenders offer a "float down" option, a one-time chance to snag that lower rate if it becomes available. Always ask about this!
Keep in mind, though, that your rate lock isn't invincible. Any significant changes to your loan application – think appraisal values, credit scores, income, or even the type of mortgage you're seeking – could throw a wrench in the works. So, keep everything consistent and transparent with your lender.
In essence, a rate lock is a tool to empower you, giving you a degree of control in an otherwise volatile market. When those rates finally start to look promising in 2025, it's a move worth serious consideration.
Connect with me at 917-254-2103 to find a lender to work with and for help with buying your new home. My goal is to help you accomplish yours!
If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are cur
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho
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If you want to buy a home, it's important to know how mortgage rates impact what you can afford and how much you’ll pay each month. Fortunately, rates for 30-year fixed mortgages have come down significantly since the end of October and are cur
To connect with me directly, contact me at 917-254-2103. For your FREE Home evaluation to learn the value of your home, your Homeowner Resource Guide, or your Home Buying/Down Payment Assistance Guide, use this link: https://bit.ly/45URvuV or text Ho