Understanding Tulsa Home Loan Locked Interest Rates

Darryl and Dan Newberry of TTCU discuss what it means to have a locked interest rate on a home loan

If you’re ready to invest in Tulsa real estate or in Broken Arrow, Sand Springs, or anywhere in the region, you’ll have an edge over other buyers if you have a pre-approved loan. This is a key step to take for home buyers, yet your loan interest rate will not be locked until you are in the process of buying an actual home.

Once you have an accepted offer for a home, you, your Realtor®, the seller and their agent enter into the negotiation process. Part of this process includes getting your actual loan interest rate locked in. Once this is done you will have a pretty good idea what your monthly mortgage payment shall be. But what happens if negotiation go awry and your offer falls apart?  Can you still apply your locked interest rate and loan to a new house?

The short answer is no, and Dan with TTCU has helped to explain why. Major investments such as Tulsa Real Estate, involves multiple institutions and funding resources. When a loan request is processed, a specific property is taken into account as part of the loan value and collateral. This helps give the funding institution, your lender, additional capital back-up for the process of acquiring the monies to purchase the property.

If a home sale falls through, the property is no longer available regarding the specific loan, so the process of determining an interest rate has to begin anew. Residential real estate interest rates change regularly with economic and investment climate fluctuations. Should you as a buyer need to find a different home to buy, you will need to then determine again what your interest rate will be with your lender

How can you be sure you have a good deal with the best loan options for you and your family? Working with a portfolio lender such as TTCU is a good place to begin. By having one single business to work with on your loan, you will have better access to a variety of loan options and solutions no matter the outcome of your home buying negotiations. Visit www.ttcu.com to start the discussion of financial solutions for you and your family.

For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com