banner6.jpg
teamcotraro.com
Home, teamcotraro.com, Mike and Mary Cotraro
Logon, teamcotraro.com, Mike and Mary Cotraro
Property Search, teamcotraro.com, Mike and Mary Cotraro
Sign Up, teamcotraro.com, Mike and Mary Cotraro
How to Use Our Site, teamcotraro.com, Mike and Mary Cotraro
Request CMA, teamcotraro.com, Mike and Mary Cotraro
Mike and Mary Cotraro
Our Listings, teamcotraro.com, Mike and Mary Cotraro
Recent Sales, teamcotraro.com, Mike and Mary Cotraro
Contact Us, teamcotraro.com, Mike and Mary Cotraro
Testimonials, teamcotraro.com, Mike and Mary Cotraro
Resources
Real Estate Tips, teamcotraro.com, Mike and Mary Cotraro
Real Estate Tools, teamcotraro.com, Mike and Mary Cotraro
Baseball Links, teamcotraro.com, Mike and Mary Cotraro
real estate, homes for sale, property, houses, condos, find a home in Acton, MA; Alexandria, NH; Alton, NH; Amesbury, MA; Andover, MA; Andover, MA - Ballardvale; Andover, MA - In Town; Andover, MA - Shawsheen; Andover, MA - South Andover; Andover, MA - West Andover; Arlington, MA; Barnstead, NH; Belmont, MA; Belmont, NH; Beverly, MA; Beverly, MA - Beverly Farms; Beverly, MA - Briscoe; Beverly, MA - Centerville; Beverly, MA - Prides Crossing; Billerica, MA; Boston, MA; Boston, MA - All Other Boston; Boston, MA - Allston; Boston, MA - Back Bay; Boston, MA - Beacon Hill; Boston, MA - Brighton; Boston, MA - West Roxbury; Boxford, MA; Boxford, MA - East Boxford; Boxford, MA - West Boxford; Bristol County, MA; Brookline, MA; Burlington, MA; Cambridge, MA; Center Harbor, NH; Chelmsford, MA; Concord, MA; Conway, NH; Danvers, MA; Essex, MA; Essex County, MA; Everett, MA; Georgetown, MA; Gilford, NH; Gilmanton, NH; Gloucester, MA; Gloucester, MA - Magnolia; Groton, MA; Groveland, MA; Groveland, MA - Groveland (village); Groveland, MA - South Groveland; Hamilton, MA; Hamilton, MA - South Hamilton; Haverhill, MA; Haverhill, MA - Bradford; Haverhill, MA - Zip 01830; Haverhill, MA - Zip 01832; Ipswich, MA; Jackson, NH; Laconia, NH; Lawrence, MA; Lawrence, MA - North Lawrence; Lawrence, MA - South Lawrence; Lexington, MA; Lowell, MA; Lynn, MA; Lynn, MA - West Lynn; Lynnfield, MA; Madison, NH; Malden, MA; Manchester, MA; Marblehead, MA; Marblehead, MA - Marblehead Neck; Marblehead, MA - Old Town; Medford, MA; Melrose, MA; Meredith, NH; Methuen, MA; Methuen, MA - Central; Methuen, MA - East Methuen; Methuen, MA - West Methuen; Middleton, MA; Middleton, MA - Cove; Nahant, MA; Natick, MA; New Hampton, NH; Newbury, MA; Newbury, MA - Plum Island; Newburyport, MA; Newton, MA; North Andover, MA; North Andover, MA - Barker; North Andover, MA - College; North Andover, MA - Downtown; North Andover, MA - Old Center; North Reading, MA; Ossipee, NH; Peabody, MA; Peabody, MA - South Peabody; Peabody, MA - West Peabody; Reading, MA; Revere, MA; Rockport, MA; Rowley, MA; Salem, MA; Sanbornton, NH; Saugus, MA; Sudbury, MA; Sunapee, NH; Swampscott, MA; Tamworth, NH; Tewksbury, MA; Tilton, NH; Topsfield, MA; Tyngsboro, MA; Wakefield, MA; Wakefield, NH; Waltham, MA; Watertown, MA; Wenham, MA; Weston, MA; Wilmington, MA; Winchester, MA; Woburn, MA; Stoneham, MA real estate
Lock in Your Mortgage Rate

When homebuyers lock in at a specific mortgage rate, the lender only guarantees the interest rate and points for a specified time period – generally 30, 45, or 60 days. It is important for borrowers to get the lock-in contract in writing, as a verbal agreement will not stand. The lock-in letter should indicate that the lender is guaranteeing the rate, the fee structure, and the deadline for loan funding at the locked rate.
Just months ago, sources say, borrowers were able to lock in a rate once their loan application and credit report were received by the broker, with a promise to provide W2s, payroll stubs, and bank statements within 48 hours. The current backlog, however, has prompted brokers and lenders to also require proof of an appraisal order before they will agree to lock in a rate.

Though longer lock periods are more costly, they help ensure the loan's funding by the deadline. Otherwise, only an exception will get the borrower the locked rate.

Borrowers generally pay fees and higher interest rates to lock in, and these terms should be specified in the contract, however, reputable lenders do not require any money upfront.

Finally, it is essential for borrowers to understand beforehand what will happen if the loan is not funded by the lock-in deadline.


"Would-Be Home Buyers Can Get Locked Out," Orange County Register (12/28/01); McCabe, Diana.
Abstracts Copyright © 2001; Information Inc.


Return to Mortgage Section
Re/Max Advantage Real Estate • 100 Cummings Center • Suite 104F • Beverly, MA 01915

MARY COTRARO/ e-mail mary@teamcotraro.com OFFICE: (978) 927-9113 Direct: (978) 882-4424
MIKE COTRARO/ e-mail mike@teamcotraro.com Direct: (978) 337-6355 Office: (978) 927-9113
BETSY WOODS/ e-mail betsy@teamcotraro.com Direct: (978) 882-4208 Fax: (978) 928-2856
______________________________________________________________________
Our Home Finder System makes buying your next home a snap. Membership is FREE