SAN DIEGO, Aug. 1, 2013 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides detailed insights into the mortgage industry in a fun and entertaining way. The team at LoanLove.com is devoted to help empower both first time and experienced homeowners with valuable resources, first-class knowledge and connections to top-rated industry professionals and has the mission of helping consumers and borrowers to obtain the latest information on mortgage lending trends, the real estate market and the U.S. financial landscape in order to help them obtain a home loan that they will love. Loan Love continues to provide their viewers with all that they will need to get the best loan with the mortgage rate lock advice given in their newly released video.
Rate locks have always had an important place when it comes to getting the best home loan deals. However, due to the recent increases mortgage interest rates have been seeing, this feature of the loan application process has become even more vital when it comes to getting the best rates. The Loan Love video explains how mortgage rate locks work and gives some advice to homeowners on how to use this tool to their advantage.
The host of the Loan Love video says: "If you're shopping for a mortgage, you've probably heard how mortgage rates have started to go up after months of record lows. And you've probably also heard that to get the best deal possible you need to lock in your rate now. But what does locking your rate really mean?" As stated in the quote above, until quite recently the mortgage industry had been enjoying some of the lowest rates in years. However, the tide has changed, it would seem, and interest rates are now expected to continue to rise as the economy strengthens. The Loan Love video continues by saying:
"Well it's actually pretty simple. If you're like most mortgage hunters, when you apply for a loan probably one of the biggest reasons you are applying for it is because it has a low interest rate, right? The problem is, interest rates are fickle. They can change pretty quickly, like in a week or even less. On the other hand the loan approval process can take several weeks. Who knows where mortgage rates will be by then! A lock guarantees that the low terms that were in affect when you applied will still be valid once your loan is approved - they're locked in. Of course, if rates go down before your loan is approved you may want the option of adjusting your rate downward. In that case you should look for a lock that lets you "float" the rate. Sometimes you can lock in your points too."
One last tip on rate locks from the Loan Love website says: "Always ask to have the terms of your lock-in provided in writing, not over the phone. If discrepancies occur, you want to be sure you have everything in black and white. Review the agreement carefully before signing to avoid unpleasant surprises at closing."
For more information regarding mortgage rate locks and other aspects of find the best loan rates and terms, please visit LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, firstname.lastname@example.org
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