What does ‘locking’ a rate mean?
Once you have received your ready approval and have a property added you are able to lock in a rate with your loan guide, or in your tracker on your own. After you’ve locked, you’re protected if the rates go up for the number of days you locked for (15, 30, 45, etc.). From there, provided the closing occurs as planned and you don’t adjust the terms of the loan, the rate is set and you can relax. We set the number of lock days based on how long it will take to close and fund your loan. ForFeaturedWhat if rates go down after I've locked?
Locking your rate protects you from future rate increases and is a commitment to going ahead with that rate. Most times, if rates go down once you've locked, you can't unlock and lock again.FeaturedWhat if my lock expires before my loan is closed?
We set the number of lock days based on how long it will take to close and fund your loan - the goal is to lock the rate for the number of days that will be needed to get your loan closed and funded (ie. 15, 30, 45 or 60 days) If any unexpected delays take place, an extension will be required and this can be at your expense, especially if the delays are out of Beeline’s control.FeaturedWhy do I need to lock a rate?
Lending guidelines require us to lock your rate at least 3 days prior to close. This is for your protection to make sure that the rate you have is the rate you close with. It also ensures that the lender has reserved the funds at the quoted rate prior to closing.FeaturedWhy does FHA charge mortgage insurance on all of their loans?
The FHA is a very flexible loan program with expanded approval for many borrowers. The mortgage insurance they charge helps offset any potential losses from lending to a greater pool of borrowers.Few readersHow is my home loan payment determined?
Depending on your situation, there are typically three or four parts of your home loan payment: Principal: Payment of your outstanding balance. Interest: Payment of the interest charged on the outstanding balance. Taxes: One-twelfth of your expected annual property taxes will be included in your home loan payment, and deposited into your escrow account. Insurance: This includes homeowners insurance, as well as any other hazard insurances you're required to have, such asFew readers