In the world of real estate, it is important to know that interest rates are moving targets.
“ Lenders base their interest rates on a few different factors, primarily the 10-year treasury bond yield. If the bond yield increases, you are more than likely going to see an increase in mortgage rates.” (Jayson Leatherland)
Jayson is a mortgage Loan Officer with Envoy Mortgage, who had the following to say about rising interest rates. “Rising interest rates raise concern for those who have reservations about entering the real estate market. Rightfully so, but there are options to eliminate that. At Envoy I have spent a great amount of time focusing on our program called “Lock N’ Shop”. With this option, our clients are allowed to secure their rate today while giving them the time they need to find their perfect home.
Key points that drive Lock N’ Shop:
- Your mortgage will not be affected if the market rate goes up while house hunting.
- You will have a rock-solid pre-approval from Envoy, giving you an advantage to make offers quickly.
- With Envoy’s Lock N’ Shop option you have already been approved, so the lending process becomes more efficient!
- Offer 60-, 75- and 90-day lock period:
- 60-day lock to borrower (30 days to find a property and 30 days to close and fund)
- 75-day lock to borrower (45 days to find a property and 30 days to close and fund)
- 90-day lock to borrower (45 days to find a property and 45 days to close and fund)”
Jayson is helping his clients work past concerns with interest rates with programs like Lock N’ Shop. Feel free to contact Jayson to follow up on anything he has said.
