Buyer Step 5: Lining Up All The Last Minute Items - What's Next?
We are almost at the finish line! You will be getting the keys to your new home very soon, we should have to take care of a few last-minute items. Then watch this video to learn what happens next as we are nearing the final steps of your home buying journey.
Locked-in interest rate - A locked-in rate, also referred to as a rate lock, is a specific interest rate for a mortgage loan that is being held for a borrower. The locked rate stays the same for a period of time, generally between 30 and 60 days, while the mortgage progresses to closing.
Underwriter- A financial expert who takes a look at your finances and assesses how much risk a lender will take on if they decide to give you a loan.
Closing Statement - An accounting of funds made to the buyer and seller separately. Required by law to be made at the completion of every real estate transaction.