Kentucky Mortgage Lender

Your Locked Rate Isn’t Locked — The Truth About Mortgage Rate Locks in Kentucky -- Joel Lobb   Email -  kentuckyloan@gmail.com    Call/Text -  502-905-3708   www.mylouisvillekentuckymortgage.com   911 Barret Ave., Louisville, KY 40204 Evo Mortgage Company NMLS#  1738461 Personal NMLS#  57916 Kentucky Mortgage Loan Expert For Kentucky FHA, VA, USDA, Fannie Mae and KHC Down payment Assistance Loans

What will my mortgage rate be? We’ll begin with what always seems to be everyone’s number one concern, saving money. Similar to any other monthly payments you’re attempting to negotiate, it depends on a lot of factors. But we can at least clear up a few items to give you an idea of how things will go. Ultimately, the more risk you present to the mortgage lender, the higher your mortgage rate. So, if you have poor credit and come in with a low, down payment, expect a higher interest rate relative to someone with a flawless credit history and a large down payment. The higher interest rate is intended to compensate the lender for the potential of greater risk of a missed payment as data proves those with questionable credit and low down payments are more likely to fall behind on their mortgages. The property itself can also affect mortgage rate pricing – if it’s a condo or multi-unit investment property, expect a higher rate, all else being equal. Then it’s up to you to take the time to s...

Q:  I am pretty sure I already know the answer to this question but here it goes anyway. My wife and I plan to move into a different house/condo in two years. Is it possible to lock into a rate now that would hold for a couple years? What is the maximum time limit to hold a rate lock? A:  That’s a great idea! We wish we could lock in these interest rates for two years or even more, but most lenders’ interest rate locks are for 30, 45, 60 or 90 days. Frequently, you get the lowest interest rate with the shortest rate lock. You can call around and see what lenders in your area are offering, but it’s unlikely that you’ll find any lender willing to give you a rate lock that extends past those days. In some new-construction scenarios, home builders will work with lenders to offer their home buyers a longer rate lock period. While the costs for the longer term rate lock may be absorbed by the builder, that builder then knows that the buyer has been approved for a loan and that ...

Interest Rate Lock on a Kentucky Mortgage Loan. What is a rate lock? A rate lock is an agreement between you (the borrower) and us (the lender) that a specific interest rate will be provided to you for a specific period of time (the rate lock period). When is my rate locked? We will confirm and lock your interest rate with your verbal or written authorization. What if rates go up before I close my loan? Once your rate is locked, we immediately purchase money from our investors for you at that specific rate. As long as your loan application is approved and all the other terms and conditions or the approval requirements are met, this money will be available to you at your loan closing regardless of market conditions after you have locked your rate. If interest rates have increased, you are protected and can be assured that your locked rate will be honored on your loan papers on the date of closing. We will NOT ask you to pay a higher interest rate simply because th...