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A: Why use a Connecticut Mortgage Broker?
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5. Finding Your Lender >>
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Almost every CT mortgage provider will charge you something to secure a CT mortgage rate. You want to find out how much of a rate and what happens to it if the home you are purchasing falls through.
At Acorn Home Mortgage we will advise you as to when and why you might want to lock in your CT mortgage rates. We will also tell you how much it will cost to lock in this CT mortgage rate. Remember, it is not possible to lock in any CT mortgage rates until an offer has been accepted on the purchase of a home.
How long do I have a lock on my CT mortgage rate?
If you know, for example, that you are not closing for 90 days, and the CT mortgage provider locks you in for a maximum of 60 days, then move onto the next CT mortgage provider, unless you would like to wait and take the gamble.
At Acorn Home Mortgage we do not normally like to lock into CT mortgage rates until we are less than 60 days from the closing date, hopefully much closer. None of us can predict the future but it is not uncommon to find that the longer term CT mortgage rates actually fall when short term interest rates are increased. One of the reasons for this can be that the market expected a sharper increase in short term interest rates than actually occurred. The longer term CT mortgage rates had already adjusted for a potentially higher short term rate increase. But CT mortgage interest rates are based on much more stable indexes than the short term rates and the ten year bond rates tend to be a much better indication of potential future changes. We are here to help guide you on these issues.
Determine the CT mortgage company you feel the most comfortable with. Do you feel comfortable with their mortgage advice? Unfortunately most people define the best CT mortgage provider as the company with the lowest advertised CT mortgage rate.
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