California Real Estate Search
Real Estate News & Market Trends
You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
47% of homebuyers say their real estate agent helped negotiate better terms
Did you know?
A recent survey found that nearly half of all homeowners credit their real estate agent for negotiating better terms on their home purchase. We want you to buy smart. Visit our website to learn more.
When should you lock in your mortgage rate?
Mortgage rates are on the move. When is the best time to “lock” your mortgage rate? And for how long should your lock be effective? If you’re buying or building a home, you’ll have to answer both of these questions.
Unfortunately, there’s not a one-size-fits-all answer to either one. You’ll want to work closely with your loan officer to determine the timing of your rate lock. With an existing home, many buyers wait until the seller has accepted their offer to lock in their rate. With a new home that could take several months to build, deciding when to lock in your rate gets a bit trickier. You’ll want to discuss the matter with your builder and lender before making the decision.
Part of the decision of when to lock in a rate depends on how long your lock will be effective. Typically, borrowers are given the option of locking in for 30, 45, 60 or in some cases, even 90 days or more. Locking in a rate for longer periods of time, however, can come at a cost.
Loan lock provisions can vary, so make sure you understand your own. When is the effective date of your lock and expiration date? Read the fine print and ask for clarification if there’s something you don’t understand. Do you know what happens if there’s a delay and you aren’t able to close on your home before your lock expires? More questions? Just ask!
Growing families need bigger homes
Are you welcoming a new member of your family soon? If so, this is the perfect time to consider upgrading your home for more space. We can help you to find your new dream home for your new addition.
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