How to Lock in a Mortgage Rate Ballston Spa NY

OK. You've spent weeks, maybe months shopping around for a mortgage--filling out forms on the internet, waiting on hold on the phone, dropping off paperwork at the local office--but you've finally found a great interest rate with low upfront costs. Then, right before the closing, you get an unwelcome surprise: the interest rate has gone up, or you'll have to pay thousands more in points. How did that happen? While there's no shortage of unscrupulous lenders who try to pull the old bait-and-switch, there are also legitimate reasons why the terms of a mortgage may change from the time you get your quote to the time you're actually ready to buy. You can avoid the surprises, however, with a rate lock-in, also called a rate lock or rate commitment. Here's how.

Local Companies

Bank of America - Five Corners
800.432.1000
345 Princetown Rd
Rotterdam, NY
Mansfield And North Corporation
(518)383-9423
1 Barney Road
Clifton Park, NY
Accu Data Search
(518)782-0170
621 Columbia Street Extension
Latham, NY
Superior Home Mortgage Corporation
(518)689-4400
3 Executive Park Drive
CLIFTON PARK, NY
Alliance Mortgage Banking Corporation
(518)583-1177
376 Broadway
SARATOGA SPRINGS, NY
Bank of America - Amsterdam
800.432.1000
140 Sanford Farms Plaza
Amsterdam, NY
Bennett Abstract Corporation
(518)885-4368
Mcmaster
Ballston Spa, NY
Mc Phillips Insurance
(518)692-2831
124 Main St
Greenwich, NY
Real Estate Services Of Ny
(518)346-3666
109 South Ferry Street
Schenectady, NY
HCI Mortgage
(518)464-4448
621 Columbia Street
COHOES, NY

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Adjustable rate mortgages (also known as ARMs) are one of the most common types of mortgages for homeowners. Adjustable rate mortgages have an adjusting interest rate that is tied to an established index. Your monthly payments will actually vary based upon several factors that are actually beyond your control. The decision between an adjustable rate mortgage and a fixed rate mortgage is a very important one depending upon your financial circumstances. The decision, like any major life decision, requires careful thought and consideration.
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