Does it cost money to lock a mortgage rate?
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Video Description:
With rates still rising, a lot of people looking to get a VA home loan have been wondering about locking in their rate before it goes even higher. However, before you do that, you'll want to see if your lender is one who charges a lock fee.
See, with some lenders, it WILL cost you money to lock your rate. However, with others—like us here at Low VA Rates—you don't have to worry about paying extra to lock.
However, initial lock fees aren't ALL you should be asking about when searching for a lender. That's because some lenders don't charge for an initial lock—but they do charge if you end up needing to expend it. And while it isn't necessarily BAD for lenders to charge initial or extension lock fees, it is something you'll want to be aware of when deciding which lender will best match your needs.
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DISCLAIMER: Eric is not a licensed loan officer. All advice given is for informational purposes only. For more detailed information, please call in and ask to speak with a licensed mortgage loan originator. This video is not applicable to borrowers in the State of Washington.
This video is not intended for residents or homeowners in the states of NY or MA.
