You can lock your lock at no cost or "float" your loan. Locking provides "peace of mind" where floating can be like gambling in Las Vegas!
We are seeing up to three rate changes per day due to market volatility. Interest rates will vary on each quote depending on the following:
1. Lender - each specific lender may have different pricing adjustments.
2. Credit Score - we use three scores from each borrower(s). The lowest of the middle score(s) is used for pricing.
3. Loan-to-Value - This is the amount of equity that you have in an existing property. Equity on a purchase is considered the amount that you have as a down payment versus the sales price or the appraised value, whichever is lower.
4. Type of Property - Stick built, condominium, townhome, modular, or manufactured.
5. Location - Loan limits will vary depending on which county the property is located.
