Hi Samuel,
Welcome to MortgageFit forum.
If you don't want the interest rate to vary within the date of closing, you should ask the mortgage company to offer a written statement. This statement will guarantee the interest rate and the discount points to be paid on closing.
This written commitment will prevent the company from charging higher costs even if the interest rate increases when the new loan closes. You may even ask the company for an agreement stating that the interest rate may decrease but will not increase. You should sign the loan within 60 days of its application so that you are able to avail a low interest rate.
Hope this information will benefit you.
Wish to receive further queries.
Regards
Adonis
Welcome to MortgageFit forum.
If you don't want the interest rate to vary within the date of closing, you should ask the mortgage company to offer a written statement. This statement will guarantee the interest rate and the discount points to be paid on closing.
This written commitment will prevent the company from charging higher costs even if the interest rate increases when the new loan closes. You may even ask the company for an agreement stating that the interest rate may decrease but will not increase. You should sign the loan within 60 days of its application so that you are able to avail a low interest rate.
Hope this information will benefit you.
Wish to receive further queries.
Regards
Adonis
Do i have to pay higher interest rate for cash out refinance?
Hi Guest,
Welcome to the forums.
The interest rate required on cash out refinance loan is usually the same as that offered by a usual refinance loan. But there can be an increment fees associated with cash out refinancing. However this depends on your lender and the loan program for which you have been approved. The loan to value ratio also determines whether you will have to pay off the mortgage with higher interest rate.
We hope that you will benefit from this information.
Regards
Jessica.
Welcome to the forums.
The interest rate required on cash out refinance loan is usually the same as that offered by a usual refinance loan. But there can be an increment fees associated with cash out refinancing. However this depends on your lender and the loan program for which you have been approved. The loan to value ratio also determines whether you will have to pay off the mortgage with higher interest rate.
We hope that you will benefit from this information.
Regards
Jessica.
