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If you believe it could take you more than 30 days to close on your mortgage there are ways to keep from getting burned. First, you should ask for a rate lock longer than 30 days. If you're not familiar with a rate lock this is an agreement between you and your lender that allows you to lock in your interest rate for a specified amount of time at the prevailing market interest rate. Rate locks can be for 30, 45 or even 60 days. However, be aware that your lender may charge a lock fee. Second, stay away from any loan where there’s a per diem charge in the case of a late closing.
A mortgage is something you will have to live with for many years – maybe as many as 30. You need to do your research and read every document carefully and make sure you understand it before signing it. While the CFPB has made the mortgage process simpler and easier to understand the burden is still on you or caveat emptor – let the buyer beware. Is your mortgage conventional or FHA? How much money will you be required to bring to closing? Are you being charged points? Will you need to buy private mortgage insurance (PMI)? What are the annual property taxes and who will pay them? Does your payment include taxes and homeowner’s insurance (PITI or payment with taxes and insurance) Are you certain you will be able to make your monthly payments? These are all things you need to understand before signing on the dotted line.
In addition to the phrase that the "only thing constant is change", is the timeworn phrase of buyer’s regret. You will have to live with that mortgage for many years and you need to ensure it’s not one you end up regretting for all those years.