Mortgage rates can change from the day you apply for a loan to the day you close the transaction. If interest rates rise sharply during the application process it can increase the borrower’s mortgage payment unexpectedly. Therefore, a lender can allow the borrower to "lock-in" the loan’s interest rate guaranteeing that rate for a specified time period, often 30-60 days, sometimes for a fee.
We've been helping customers afford the home of their dreams for many years and we love what we do.
EON Mortgage Group Inc
Illinois Residential Mortgage Licensee
MB. 6761207 NMLS 1547930
For licensing information, go to:
950 Skokie Blvd Ste 204
Northbrook, Illinois 60062