How often do interest rates change?
Interest rates change regularly with the fluctuation of the market. Of course, once you lock or protect your rate, it will not increase as long as you close and fund your loan on or before the rate expiration date.
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What factors go into determining my personalized rate?
Lenders evaluate your credit history and reward your good credit with a better rate. Lenders also take into account your loan to value or LTV, as well as your income, your assets, the purpose of the loan and how you intend to occupy the property. Naturally, all of this is impacted by the current market conditions
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When can I lock my rate?
With most lenders, if you have a contract on a property and are within 90 days of closing you can lock your rate. If you are refinancing, you can lock within 45 days of closing.
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What if interest rates go down after I lock my rate?
Each lender has their own policies on lock-ins. Be sure to ask that question!
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What happens if my loan does not close before the rate lock expiration date?
Another good question for your lender.
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What are points?
Points are a percentage of the loan amount paid at closing that affect your interest rate. For instance, on a $90,000 loan, 1 point = 1% or $900. How it works is that if you pay points, you buy down the rate. Points could be disclosed as discount points. Whatever the name, they are itemized on your Good Faith Estimate and are typically paid at closing.
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Are discount points tax deductible?
In many cases they are. Contact your tax preparer or the IRS to obtain a qualified opinion and the best expert advice.
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