A mortgage rate lock guarantees that a mortgage lender will give a buyer a certain interest rate, at a certain price, for a specific time. A rate lock protects the borrower from rising interest rates in the period between sales agreement execution and closing (often a month). If the buyer locks in a rate of 4.5%, she will only have to pay 4.5% interest even if rates rise while going through the loan application process. A rate lock is commonly good for 30, 45, or 60 days, though that time period can be shorter or longer. After that period expires, the buyer is no longer guaranteed the locked- in rate unless the lender agrees to extend it. This is why arranging a prompt closing is crucial.
#3. Have a Home Inspection
Making sure roofing shingles don’t fall off on the first day in your new home or the furnace doesn’t operate under 45 degrees is generally enough reason to have a home inspection. Engage specialists to check the conditioning system, plumbing, and electricity. This could save you thousands of dollars by uncovering existing issues. They will also check mold growth and other possible environmental health threats caused by lead, fungus, and asbestos. Even new houses need to be checked duly and thoroughly. It doesn’t matter that the house recently had all the municipal inspections by the builder.
#4. Have a Pest Inspection
The best approach is to hire a licensed pest inspection company. They’ll check your future property for contamination by flies, mosquitoes, cockroaches, fleas, rats, mice, bedbugs, termites, beetles, carpenter bees, ants, and other types of pests.
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