Tri State Mortgage Consultants,
LLC |
Ron Nippe, Sr. Lender Lender to the Stars of Southern NH, Lakes Region, Florida Real Estate & Our Mutual Clients!
It is My Personal Goal to be Worthy of your Trust, and Deserving of your Referrals!
Offices:
Manchester, NH
Phone: 603.685.2800 X 2835 |
Cell: 603.315.9450
Email: Ron
Nippe
What is a "rate lock period"? How can you make sure your
rate is low?
A rate lock or a rate commitment
is a lender's promise to hold a certain interest rate
and a certain number of points for you for a specified
period of time while your application is processed.
This prevents you from going through your whole application
process and at the end of it finding out the interest
rate has gone up. A rate lock period can vary in length,
and longer ones usually cost more. A lender will agree
to "hold" your interest rate and points for a longer
period, say 60 days, but in exchange the rate and maybe
points are higher than with a shorter rate lock period,
for example. There are many ways besides opting for
a shorter rate lock period to get a lower rate, though.
A larger down payment will result in a lower interest
rate than a smaller one, because you're starting out
with more equity. You can pay points to lower your
rate over the life of the loan, but that means you
pay more up front. For many people, this makes sense
and is a good deal. Closing costs are fees paid by
the lender, which the lender in turn charges you to
close the loan. Many people pay closing costs when
they sign on the dotted line, but many finance their
closing costs. Paying closing costs when the loan closes
will reduce your interest rate.
Finally, the interest rate a lender is willing
to offer you depends on your credit score and your income-to-debt
ratio. If you have good credit and your income far exceeds
your debt obligations, you will qualify for a lower rate.
Licensed by the State of NH Banking Dept.
Tri-State Mortgage Consultants, LLC
254A North Broadway
Suite 202
Salem, NH 03079
Copyright
2008 Northern New England Real Estate Network, Inc. All rights reserved.
This property's agent is from This
information is deemed reliable but not guaranteed. The data relating
to real estate for sale on this web site comes in part from the IDX
Program of NNEREN. Data last updated
Thu May 22 2008
NH HOME
TEAM
53 Bay Street Manchester, NH 03104
1-800-398-3255