Hi, my name is [your name here]. I am a Realtor here in [your city here].
Once you have found the right mortgage product, and you are comfortable with all the details, then you have to let them know if your intent to proceed.
At this time you will be expected to pay their application fee, the appraisal fees and perhaps paying for your credit report.
By this point the lender will have provided you with a Loan Estimate.
The loan estimate may show that the rate has been locked, or is floating, which means you have not locked in the exact rate.
Timing is a critical factor in dealing with rate locks, because they are only good for so long…
Rate locks are typically 30, 45 or 60 days.
With a longer rate lock, you may have to pay a fee, so consult with me about where we are with the closing date, the inspection and anything else that might cause a delay.
I would ask the lender the following questions:
What does it mean if I lock in the rate today? What rate lock time frame does this Loan Estimate provide?
Is a shorter or longer rate lock available, and at what cost?
What if my closing is delayed and my rate expires?
If I lock in my rate, are there any conditions under which my rate could still change?
And if you are a homeowner, claim your free home management system below by clicking the FREE HOME MANAGEMENT SOFTWARE button at the bottom of this page.
There is a video there that will explain what I am giving you, so take a look.
And if you are watching this on YouTube, then subscribe, click the bell, and look for the link in the description to find the page I am talking about so you can get your free home management software!
Thanks so much again and feel free to pass this along to your friends, neighbors and even your work colleagues if they need my help.
Have a great day and happy house hunting!
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