Yes, you can typically lock in your preapproval rate with a mortgage lender. When you get preapproved for a mortgage, the lender may offer you an interest rate that is valid for a certain period, typically ranging from 30 to 90 days. This rate lock period allows you to secure the interest rate offered to you at the time of preapproval, even if market interest rates fluctuate during the lock-in period.
Congratulations on closing your mortgage! You’ve completed one of the most significant financial transactions of your life. However, the journey doesn’t end at the closing table. Here’s what you can expect after closing on your mortgage: 1. Receiving Your Closing Documents After closing, you will receive a stack of important documents, including: Promissory Note: Your...
In the United States, the interest paid on a mortgage for a primary residence or a second home is generally tax-deductible. This is known as the mortgage interest deduction. Let’s explore the key points about this valuable tax benefit and how you can calculate your savings. In the United States, the interest paid on a...
When your loan officer informs you that your mortgage loan is “disclosed” and you need to sign it, the lender has prepared and provided you with the initial loan disclosure documents. These documents outline the terms, conditions, costs, and other crucial details of your mortgage loan. Signing these documents is a vital step in the...
