Q & A: How Long Should I Lock?
The length of the lock depends on the anticipated closing date of the transaction.
A standard industry lock is generally 60 days but many times slightly lower interest rates can be negotiated for a shorter lock period of 45 or 30 days. Interest rates are set by the banks who will be holding the mortgage and can vary daily, depending on a variety of national and global factors that affect both the stock and bond markets.
Clients should work with their loan officer to determine a suitable lock period for each specific transaction.
**Interest rates are at historic lows, so contact me today to see if I can save you money!**
Office: 952.440.2451 Cell: 952.956.2077
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