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Prequalification/Preapproval - get it from a lender - in writing!
When you get a rate quote find out if there are points and if there is an 'origination fee' or 'commitment fee'. Some lenders quote '0' points without telling the borrower that there is a 1% origination fee or 'commitment fee'. Ask specifically if there is an origination, commitment or other fee and how much it is!
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Allyson Knable
856-489-6292
aknable@supmort.com
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Should you lock your rate?

If you elect to "lock in" your mortgage rate, the interest rate and total points will not change provided your loan funds before the lock-in period expires. Some lenders will extend the lock if it expires - at their option. One local lender..and they are typical.. states: .."Under no circumstance will you be offered a rate lower than your original lock-in terms upon expiration of the lock. Based on our experience a 30 day lock-in for a purchase... provides adequate time to close and fund within the lock period"     My advise is to be careful of a 30 day lock. In many cases it will be of no benefit to you and may cause you to end up with a higher than market rate. If you cannot close during the lock period then do not lock.

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