by Sheena on February 17, 2012
There is so much confusing info out there in the mortgage market today and I see clients get misled all the time. I personally found this information very interesting and helpful so I thought it would be a good idea to have a guest blog post. Please take a moment to read through Julianne Nichols’ write up and I hope you find this as helpful as I did.
-Sheena
Lock durations can vary for mortgage financing, but most lenders lock in the interest rate for 60 days from the date the loan application is submitted. As long as the loan is closed within that lock-in period, the lender honors the agreed upon interest rate.
Some consumers are misled by advertising that quotes unrealistically low rates based on 15- or 30-day lock durations. This is called ‘short-pricing.’ The lender basically knows the borrower doesn’t have time to meet their conditions and have all the necessary paperwork in order within that brief time period. As a result, the lender is not obligated to honor the low rate that was listed in their advertising.
For simple refinance transactions, a 45-day lock-in period is more realistic. For purchase transactions, which are typically much more complex, you’re much safer going with a 60-day lock, even though the interest rate might be a little higher than the rate you see quoted on billboards and the Internet.
Borrowers should make sure they have a written rate lock agreement, and allow themselves a reasonable amount of time to close their loan. I prefer to lock in all my clients as soon as their application is filed, rather than gamble with predicting short-term interest rate movement. Julianne’s team focus more on assisting clients with long-term goals and management of their mortgage debt to secure a strong financial future.
Julianne Nichols
Mortgage Consultant – NMLS ID #39520
Mortgage Financial Inc. – NMLS Co ID #2644
Phone: 978-349-2636
Cell: 781-690-0649
Fax: 978-863-4711
jnichols@mfsinc.com
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by Sheena on January 13, 2012
Photo (c) John Sullivan
As we venture into 2012, there is already real estate change in our small town of Bedford, MA. As you drive up the Great Road (Route 62), you will notice three big changes just in the past two weeks. The most recent change is the overnight closing of the beloved Friendly’s restaurant. That location is prime real estate, so it will be very interesting to follow what will happen with the building. Perhaps a new and exciting restaurant will be taking its place! On the same side of the street and just a couple hundred yards away is the Travelodge. It is currently all taped off and getting ready for demolition. Once again, prime real estate. The word around town is that there is a fast food restaurant taking its place. I can’t say I agree that we need another fast food restaurant, as we have a McDonald’s right down the road, but I can see the reasoning, as parking is quite limited in that space. As you continue up the Great Road you will notice that the Blake Block is on its way to becoming a landmark for Bedford. Construction is underway and the framing is going up very fast. I am sure you will agree with me when I say I cannot wait to see the finished product. As I have mentioned in my past posts, the town of Bedford really lacks a town center, so adding this great building with commercial and residential space will be a huge improvement.
Stay tuned to see what new additions will be coming to Bedford, as I am sure those two locations will be scooped up by someone very quickly. If you have any suggestions of what you would like to see go in there I would love to hear about them. I personally would like to see a Panera and I know many locals would agree!
Tagged as:
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