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Mortgage Questions and Answers

1. Is Now A Good Time To Refinance?
2. When should I refinance my current mortgage loan?
3. Should I refinance if I plan on moving soon?
4. What are points?
5. Should I try to pay as many discount points as possible to lower my loan's interest rate?
6. What does it mean to lock the interest rate on a mortgage loan?
7. Should I lock-in my loan rate when I apply for a mortgage loan?
8. I've had credit problems in the past. How does this impact my chances of getting a home loan?
9. I've only been late a couple of times on my credit card bills. Does this mean I will have to pay an extremely high interest rate?
10. How can I tell who has the best deal on financing?
11. Should I choose the lender with the lowest interest rate and costs?

Q. What does it mean to lock the interest rate on a mortgage loan?

A . Due to the nature of interest rate movements, mortgage rates can change dramatically from the day you apply for a mortgage loan to the day you close the transaction.

If interest rates rise sharply during the application process, it could make a borrower's mortgage payment larger than he/she previously thought.

To protect against this uncertainty, a lender can allow the borrower to 'lock-in' the loan's interest rate, guaranteeing the borrower the prevailing loan rate for a specified period of time (often 30-60 days).

A lender may or may not charge a fee for this service. A simpler process would be to have several lenders contact you.

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