This feature can be helpful if you are buying new construction and you believe your home may not be completed within six months. Loan locks are quite similar to points when it comes to fees. The numbers above do not represent actual fees, but are examples only. Fees for long locks vary from lender to lender and month to month. If you know that you are going to settle your home purchase within 30 days, you may want to lock your loan rate in and avoid the risk that rates or points will increase while you wait for your loan to be approved.
Lenders offer a variety of features on certain loans.
Just keep in mind that any advantage that you receive from a lender on your loan will have a fee attached, either points, short lock or higher interest rates. Our real estate agents will give you the information to make good decisions. MIP, or Mortgage Insurance Premimum, is required on all FHA loans no matter how much money you pay down. However, if you pay off your FHA loan in less than seven years, you will be entitled to a refund of part of the premium. VA buyers pay a funding fee to finance the guarantee fund.