In researching the market, it may be a wise move for all you Buyers take a few minutes to have lenders re-qualify them. In the last few weeks we have seen mortgage rates jump as much as .75%. This can change a Buyers whole financial picture by greatly diminishing his borrowing power.Re-qualifying is a great way to ensure you aren't disappointed once you fine a home that you could have afforded last week; but this week’s interest rate has priced you out of the market for!
If you’re out looking to buy a home, securing a rate lock commitment from your lender is vital.
- Identify when your rate will expire
- Close timely
- Request an extension
Rates locked two weeks ago are golden in today's market.Be sure the mortgage professional you are working with is keeping a close eye on the bond market. A bond-savvy mortgage professional can spot price changes before lenders announce them. Locking ahead of an interest rate hike can save you thousands of dollars over the life of your loan.
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