One of the featured articles helps home buyers to determine what size loan they would be able to qualify for. In this article, borrowers can learn about loan prequalification calculators and how they can use them to find the right sized home loan to fit their needs. The Loan Love article gives some tips on what to look for when utilizing these calculators, as well as some potential pitfalls, such as underestimating the full cost of an ARM, which borrowers should look out for. Another article in this category gives new borrowers advice on how mortgage rate locks work. The article explains how this part of the loan process can be used to ensure that the best rates are had and also gives advice on when to lock and when to float. These words of advice are particularly pertinent, especially nowadays when mortgage interest rates can change drastically without any prior warning, as was experienced with last month’s sudden rapid interest rate increase. The article says: If you’ve been mortgage shopping, you’ve probably seen a lot of interest rates some lower than others. You’ve probably also been following news reports about the recent increase in rates, and even though rates are still near record lows, it’s pretty obvious that now is the time to take out a new mortgage or refinance an existing one.
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