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mortgage interest rate

Performance Property Real Estate Question

3 Ways To Get Lower Interest Rates When You Buy A Home

Q: I have been saving money for a down payment to buy a condo. I talked to someone at my bank and also a mortgage guy and got two different interest rate quotes. How do I make sure I get the lowest mortgage interest rate? Alan, Edgewater, NJ A: By approaching more than one financing source, you are on the right track already, Alan. Here are 3 tips to get a lower mortgage interest rate when you buy a home: 1. Shop around (as you are already doing–well done). When interest rates are higher as they are now, there is usually a bigger spread in available interest rates offered by lenders because some lenders increase the interest rates they offer […]

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Performance Property Real Estate Question

How Long Can You Lock Your Mortgage Interest Rate

Q: My wife and I are buying our first home.  Interest rates are going up.  How long can we lock our mortgage interest rate?  Caleb, Belleville, NJ A: Mortgage rates have increased significantly in the last year from historic lows.  Lenders normally will let pre-approved home buyers lock the interest rate of their mortgage loan for between 2 weeks and 2 months. Lenders can theoretically offer a rate lock for as long as they choose.  I have seen 120 day mortgage rate interest locks in real estate transactions I’ve been involved in, however, the borrower paid a fee for that extended rate lock.  Lenders will always hedge to protect themselves.  Thanks for your question, Caleb.    For more real estate […]

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