How Does a Rate Lock Work? (Episode 33) S3 E3
from The Utah Real Estate Show Hosted by Tyler Cazier, Aric Wiszt, & Jason Christiansen
Watch on Youtube.com: https://youtu.be/s_st13NcgUw What is a rate lock? How does it work? Do you really "lock" your rate? What happens if the lock expires? Your lender should have the answers to these questions. Naturally, ours does. 0:34 - A rate lock locks an interest rate. It requires 3 things: a borrower, a property, and a mortgage program. 1:01 - Can I lock a rate for a long time? Like 6 months? Yes, but there's a cost because lenders want to make interest on their money — they'll make money on a different borrower. 2:05 - What happens when your lock expires? You pay to maintain the lock, or you let it go. Construction is tough...there can be delays. 2:39 - What'd we learn today? 4:17 - Bloopers *No rates were harmed in the filming of this real estate discussion. Please contact us to tell us you love us, you want to hire us! Call or text: Realtors with Hive Collective at Presidio Real Estate: Tyler Cazier: 801-210-0230 Aric Wiszt: 801-228-7687 Lender with Elite Team at Security Home Mortgage: NMLS: 178787 Jason Christiansen: 801-669-7271 NMLS: 240472 A Production with Security Home Mortgage's Jason Christiansen, and Hive Collective at Presidio's Tyler Cazier and "Mr. Suit" Aric Wiszt.
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