Mortgage Minute - Rate Locks: Understanding the Two-Way Commitment

This episode is brought to you by Equity Multiple. Dedicated to assisting physicians in simplifying their investment journey, Equity Multiple enables passive investment in vetted, professionally managed commercial real estate. Learn more at www.equitymultiple.com. Join Doug Crouse as he discusses the intricacies of rate locks. Most lenders don't offer a lock and shop, meaning your pre-approval comes with a floating interest rate placeholder. The first opportunity to lock your rate is when you provide a purchase contract with a close date. Exceeding this rate lock can become costly, so it's crucial to consider the duration carefully. Particularly in new construction, where delays are common, padding your rate lock can save you money.  Rate locks are a two-way commitment between you and the lender, so understanding the balance between interest rates and closing costs is essential. Join me as we explore these topics and help you make informed decisions about locking your mortgage rate. If you have questions, Doug is available at DougCrouse.com