How to Lock in a Mortgage Rate Syracuse 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 - Cicero
800.432.1000
5834 E. Circle Drive
Cicero, NY
Ticor Title Insurance
(315)477-9871
201 East Jefferson Street
Syracuse, NY
Americu Credit Union
800-388-2000
Liverpool, NY
GMAC Mortgage Corporation
(315)622-1900
8134 Oswego Road
LIVERPOOL, NY
Empire Federal Credit Union
(315)622-9840
8430 Oswego Road
LIVERPOOL, NY
Chase Bank
(315) 476-5870
649 S Crouse Ave
Syracuse, NY
Rmsco
(315)448-9000
115 Continuum Dr
Liverpool, NY
Liverpool Associates Insurance Agency
(315)422-1777
2036 South Salina Street
Syracuse, NY
Solvay Bank
(315)475-8702
State Tower Building
SYRACUSE, NY
Geddes Federal Savings & Loan Association
(315)468-6281
2208 West Genesee Street
SYRACUSE, 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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