Buying A Home? | Lock Your Interest Rate, Then Shop

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3 years ago
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Contact LifeSource Mortgage for more info on our "Lock and Shop" option or to get pre-approved, etc. (949) 492-2252 or at Info@LifeSourceMortgage.com

Video Transcript:
In this video we talk about an exciting "lock and shop" mortgage option. As you may have heard, interest rates have increased dramatically recently. The best time EVER for mortgage rates was around July of 2020 during COVID. They increased slowly for about 9 months and then went down for several month. However, during the last 6 months we've seen rates rise more (and faster than ever). Not that we're at all time highs, they've just never really increased so rapidly in recent years.

With that said, historically, rates are AMAZING still. However, since inflation is at 41 year highs, there Feds are slated to increase rates several more times to correct the out of control inflation problem.

If you're in the market to buy a new home in the next 6 months, LifeSource Mortgage's "Lock and Shop" option is just what you're looking for. You can lock your interest rate today for up to 6 months. You don't need to be in escrow. Further, you don't even have to have a property identified.

Give us a call or shoot us an email and we'll discuss the details. (949) 492-2252 or Info@LifeSourceMortgage.com

Why Lock and Shop? Here's a picture of what's happened with mortgage rates in the last six months along with the payments for $500,000 and $800,000 loans:

Today’s average rate on a 30 year fixed rate is 5.09% (based on Freddie Mac's Mortgage Market Survey average rates for each week of the year), principal and interest payment on $500,000 is $2,711.68, payment on $800,000 is $4,338.68

Early April was 4.72%, principal and interest payment on $500,000 was $2,599.20, payment on $800,000 was $4,158.72

Early Jan was 3.22%, principal and interest payment on $500,000 was $2,167.81, payment on $800,000 was $3,468.49

Give us a call or shoot us an email and we'll discuss the details. (949) 492-2252 or Info@LifeSourceMortgage.com

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