Locking in rates assures your
If you do decide you want to
lock in at a certain interest rate, you will need to complete
a loan application and send it to your lender as soon as possible.
This must be done so that your commitment doesn't runout before
your loan is approved. Follow up and be se sure that the lender
is receiving all of the necessary documentation. Get a property
appraisal, which usually costs about $300, through your loan
agent as soon as possible.
Don't obsess and miss a good
real estate deal
Although rising interest rates
can create more problems for home buyers, waiting and hoping
for low rates is not necessarily a smart move. You may end up
paying a higher price. Also, refinancing is always an option
in the event that interest rates come down.
Article reprinted courtesy of
Real Estate Solutions.