As a homebuyer, you have plenty of crucial decisions to make when it comes to financing your future home, especially if you’re getting a mortgage loan. The DiMora Team are real estate experts in the Northville and Novi neighborhoods, and we know that in addition to finding the right lender and getting preapproved, you should also consider mortgage rate locks and if they’re right for you. This is the act of locking in the rate of your mortgage, so it stays at the same rate for a period of time. While this may seem appealing at first glance, there are pros and cons you need to weigh before you decide whether or not to lock your mortgage rate.
Mortgage rate locks are a request you can submit to your mortgage lender and can take place upon preapproval or at the time the seller accepts your offer. The time frames in which you can lock your mortgage rate also vary by lender, and can be anywhere from 30 to 120 days, with some lenders even offering a full year. This means you would pay the same mortgage rate you locked in on the first day for the remaining time period. Check out below to see what sold in Highland Lakes in September 2024:
20157 Silver Spring Drive, Northville: 2 bedrooms, 1.1 bathrooms, 1,208 sq. feet, Sold Price: $205,000
Highland Lakes Home Sold
September 2024
For more information on Highland Lakes, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.