funditwithfrench

Rate lock protects you one direction. Market goes up after you lock, you’re covered. That’s the whole job of a lock!

But that doesn’t have to be the end of it, and this is where being a broker matters. Had a file locked, market got better after we submitted, so we moved the loan to a different lender and got the buyer a lower interest rate than what he was locked at.

Doesn’t work on every file and it isn’t automatic. But if nobody is watching the market after you lock, it never happens at all.

Got a buyer under contract wondering if they’re stuck? Have them call me.

#mortgagetips #ratelock #homebuying #realestate