Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.
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Company NMLS: 210550, WWW.NMLSCONSUMERACCESS .ORG License No. MC-3714 Licensed by the Virginia State Corporation Commission --------- Lic. 14102 State of Maryland Department of Labor, Licensing and Regulation www.nmlsconsumeraccess.org
7619 Little River Turnpike
Annandale, Virginia 22003
Phone: 703-992-8750 Yama@washingtonmg.com