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.
BBMC Mortgage, a Division of Bridgeview Bank Group, doing business as LenderCity®
Company NMLS: 484683
www.nmlsconsumeraccess.org
17813 Edison Ave., Suite 201
Chesterfield, Missouri 63005
Phone: 888.880.CITY (2489)
info@lendercity.com
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