• What is a rate lock?

    A rate lock is a means for the borrower to lock in the interest rate that a lender is offering. Rate lock periods may vary from lender to lender.  Please discuss rate lock options with a loan originator. 

  • What does it mean to “close” a mortgage loan?

    On a purchase transaction, real property in most jurisdictions is conveyed from the seller to the buyer through a deed. The point in time at which time the conveyance deed is executed and title to the property is conveyed to the buyer is known as the "closing". During the closing process, you can sit with a Title Company to review and sign the final documents.

    On a refinance transaction, a closing occurs when the Note and the Deed of Trust are signed.   

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