053 - Interest rate locks With James Jay

In today’s episode, James will be talking about locking in your interest rate. Not as easy as it sounds but it is very important.

Tune in now and get tips on how and when to do it!

QUOTES

“Offering an actual rate lock cost the lender money when that happens. ”

“By committing funds to lend to you, the lender is unable to use it for anything else until your loan actually closes.”

“Ultimately it is the buyer’s responsibility to lock in interest rate.”

MENTIONS

• www.myhoustoninsideout.com

SHOW NOTES

• [0:01:15.0] What an “interest rate lock” is
• [0:01:50.0] How to lock it for a longer period of time
• [0:02:06.0] What happens to the fund when it’s locked in
• [0:02:59.0] Things could happen to stop the process
• [0:03:35.0] When should you lock in your mortgage rate?

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