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Amanda Wheeland

"Orange County Real Estate Advisor"
Specialties:
Orange County Home Buyers Agent
Orange County Home Sellers Agent
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About:
I am an Orange County native and have lived in Laguna Niguel since 1980. I know the area well and love it!
Aside from being any ivy-league educated real
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Testimonials:
"“O.C. Real Estate Advisors knew the market and what it would take to sell our property in the least amount of time! PLUS… We saved over $17,000 in ... show more

When rates are locked ?

Amanda Wheeland answered:
Hello Enzo. Your rate is only locked in if asked your lender to lock in your rate. If your rate was not locked in, then it will continue to fluctuate with the market.

Rate lock agreements are generally only valid for 30 days, but may be extended for longer periods of time by paying a fee to the lender. As Cynthia points out, it will be difficult to lock in your interest rate when you are purchasing a short sale because most short sales do not close within 30 days. Thus, even if you lock in your interest rate, if you do not close escrow on the property within 30 days, the interest rate will re-adjust to whatever the lender's rates are at that later date.

I hope this helps! If I can be of further assistance, please let me know. - Sat Aug 23 2008, 11:08

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