With Home Prices On The Rise, Now Is The Time To Lock In Your Rate

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With Home Prices On The Rise Now Is The Time To Lock In Your Rate – Article 2A New Jersey VA Loan Specialist will be able to help you research current interest rates. You want to be proactive in locking in rates, as housing prices affect them. When home prices rise, you will see interest rates go up as well. When you work with a New Jersey VA Loan Specialist, they will be able to advise you when it is the best time to lock in your rate. A low interest rate has the potential to save you thousands of dollars, and that is why it is so important that you get a low one. You can consider yourself lucky when you get a low  interest rate, because once you are locked in, your rate will not be affected by the markets swings.

Why now is the time to lock an interest rate?

The market is ever changing. You never know which way it may go, and that is why you have to be quick with your decision to lock in a rate. Now is the time, as tomorrow may bring increases in the rates. Work closely with a New Jersey VA Loan Specialist, as they will be able to keep you informed of any changes that occur. Since the market can go up and down rather quickly, you will want to be proactive when buying a home or refinancing. When you finally decide to lock a rate in, it will be good for 30 to 60 days while you go through the New Jersey VA Loan process.

Will market changes affect my rate once I am locked in?

During your lock in period, market changes will not impact your rate. However, you have to complete the New Jersey VA Loan process during the lock in period. Otherwise, you run the risk of losing your locked in rate. If the loan does not go through in time, your locked in rate will be voided, and you will be offered the current interest rates.

What If Rates Go Lower During My Lock In Period?

There is a chance that rates may go lower when you are stepping through the New Jersey VA Loan process. Most of the time, lenders will not allow you to take advantage of lower rates. However, all New Jersey VA Loan companies vary. You will want to check with yours to see if they allow you to grab a lower interest rate. It is always worth knowing the stipulations ahead of time, as a small percentage change can have a huge impact on your loan.