Mortgage Rate Locks: What Home Buyers Need to Know

What is Rate Lock? Mortgage rates can change daily, even hourly. When a mortgage rate is locked, it protects the borrower from interest rates rising between the time that the rate is locked and closing. However, because of changing rates and closing timelines, timing is everything when it comes to locking in a rate for a home mortgage. A rate lock guarantees a borrower that they will receive a specific interest rate, at a specific price during a specific time for a home mortgage loan. This protects them from rising interest rates. Which Factors Impact Mortgage Interest Rates?  What causes interest rates to go up or down? There are multiple factors that can cause it to shift. Read about them here. When Should I Lock my Rate? Most rate locks will expire after 30, 45, or 60 days unless otherwise noted by… Read More

Closing Costs Explained

Throughout the process of securing a home loan and buying a home, you will encounter a series of costs outside just your down payment. Costs that accrue during the mortgage process and outside of the principal and interest on your home loan are called closing costs. Mortgage closing costs can be roughly divided into four categories: Lender Fees Third-Party Fees Prepaid Items Escrow Account Funds Each category is important to a successful closing, and protects both you and your lender. Buying a home is an exciting investment and an important step in your life. The costs in each category are designed to help minimize risk associated with such an investment. Lender Fees Your mortgage lender will require certain fees to process, approve, and fund your loan. These are often the most straightforward loans, and you should know what to expect… Read More

How Your Credit Score Affects Your Mortgage Rate

Mortgage interest rates are inherently variable. They fluctuate based on economic factors, both global and domestic, housing supply and demand for a particular area, and the credit score of the borrower. There’s not much an individual borrower can do to stabilize the national economy. You can be smart about when and where you look for a home and make informed choices about what you can afford. But the major determining factor of mortgage interest rates that you have the most control over is credit score.

Chris Doering Mortgage Supports Bikers on Parade Event

The Chris Doering Mortgage team is proud to once again sponsor the Bikers on Parade event taking place in Gainesville, FL on November 6, 2016. By raising funds through sponsorships, biker entries and donations, this event supports local veterans who have put their lives on the line for our freedom.

Does the Presidential Election Affect Mortgage Rates?

This election cycle has been one of the most turbulent in recent memory. There’s a lot of political attention from the national level all the way down to local elections. But what does this mean for mortgage rates? We’ll start by taking a look at the role of the Federal Reserve and its relationship with the president to fully understand their influence on mortgage rates.