Getting Low Longwood Interest Rates… finding them and locking them in.
Finding the best Longwood mortgage interest rates can be tricky business… locking them in before the market swings makes it even more so!
Each Wed., the Mortgage Bankers Association [MBA] releases its Weekly Applications Survey which gives a detailed look at the new mortgage applications done over the last seven days.
A recent interest rate report will reveal what most of us already know — dropping mortgage rates created an onslaught of mortgage movement in Longwood and Lake Mary, Florida.
If you’re among the many Americans taking advantage of Florida’s low rates, don’t forget that when I locked your rate, it was locked with an expiration date.
For most of those entrusting me with their Longwood mortgage needs, that rate lock is for 30 days.
I know, I know, thirty days may seem like a long time, it’s not. Locks are calendar days… loan ‘movement’ occurs on business days. [Reason 104 to work with a serious Realtor when you are buying... they GET THIS!]
A 30-day rate lock, therefore, many fewer “working” days in which to underwrite and approve the mortgage and that’s not a lot of time at all.
Making matters more difficult, many lenders are ill-equipped for a rush of new activity… we are grateful to continue to remain fully staffed. Combine that with MONEY TO LEND and we are rockin and rollin in the Longwood Real Estate scene.
So, for active Longwood refinance candidates, the best way to preserve a 30-day rate lock is to be as responsive as possible to the process:
- If paystubs are requested, return them on the same day
- If a home appraisal is needed, schedule the appraisal immediately… of course… I gotta guy!
- If a closing date is scheduled, don’t postpone it by a day
As mortgage rates hang near 3-year lows, the number of Longwood refinances will grow, though we are fully staffed… if you already have a loan in process, be pro-active about it to prevent your 30-day rate lock from expiring.
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Chris Brown
All Around Good Guy
Trinity Mortgage
153 Parliament Loop
#1001 Lake Mary, Florida, 32746 |
Work: 407 377 0500 x 210
Chris@OrlMtgPro.com
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