Phoenix, Arizona Mortgage Rates January 23 2009
Mortgage Related News This Week
A couple of weeks ago, we noted that interest rates were generally lower and many people were taking advantage of the lower rates to refinance their mortgage.
This week, mortgage rates were generally higher and people who had locked in their low rate should breathe easy if they acted fast.
What To Do Before You Can Lock Your Rate
Although each lender has a slightly different process, in general lenders won’t lock your interest rate until they have a completed application. This process typically will normally take a couple of days to complete (schedule a time to complete an application over the phone, set up a time to meet and sign the initial disclosures and then actually lock) even though the actual application itself may only take an hour or so to complete and sign.
So please keep in mind that when you call to speak with a lender, be sure to ask them “what is required for me to do before I can actually lock in my rate?” so you know what will be required before you lock. Once your rate is locked, you can be reasonably comfortable that you can get that rate — assuming that the lender doesn’t go out of business!
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