The Weiss Group at Compass

What's a Mortgage Rate Lock?

Mortgage interest rates have undergone dramatic changes in 2022, and they can even change multiple times a day, sometimes rising and falling. It is important to understand how a mortgage rate lock can protect you from the time you apply for your loan and the time you close on your home.

A mortgage rate lock guarantees the rate on your mortgage stays the same from the time you are first quoted a rate to the time you close. With inflation, rising home costs, and rate changes by the Federal Reserve, mortgage interest rates have been rising and changing by the day. In a shifting market, the best thing you can do is be informed about the options you have to protect your buying power.

Regardless of whether you decide to lock the rate or not, you should shop around and talk to a few different lenders, including both big national banks and small local banks. Each lender offers slightly different terms and conditions, and since buying a house is likely to be one of the most expensive purchases in your lifetime, it's worth spending some extra time to get the best possible deal. Small differences in the terms might end up to a lot over the course of the entire mortgage period.

Every situation is different, and it’s best to reach out to a professional if you have questions about your unique circumstances. Let’s talk so you can make an informed decision that meets your buying or selling goals!

New Listing!

◽5405 Emerald Forest Drive, Austin TX 78745
◽4 Beds
◽3 Baths
◽1,719 SQFT

Offered at: $875,000

Exquisite, fully renovated 4-bedroom and 2-bathroom home in the heart of Austin!

The curb appeal and established neighborhood provides the perfect charm. Enjoy a fully xeriscape front yard and partial backyard, making it low-maintenance and timeless. The home features an open concept, making the space feel light and expansive with windows on both the front and back. The main living space and kitchen are accessible to each other for harmonious dining and entertaining and include an oversized island with custom built in cabinetry. The primary suite includes a walk-in closet with an oversized shower and a dual vanity. The recently converted garage can be used as a second living space or a fourth bedroom. Step out into nearly a quarter of an acre backyard with ample tree coverage and endless possibilities for outdoor living. From your morning coffee to your evening glass of wine, enjoy the newly laid-back patio with plenty of room for a pool and the kids to play. Just minutes from downtown Austin, South Lamar and the Austin-Bergstrom International Airport. The location is prime for Austin living!

Listed By: Rebecca Deering- Douglas Elliman Real Estate