This guarantee is only valid for a certain number of days and if your loan doesn’t close inside that timeframe then you might have to pay a fee to extend it. All this means is your lender is providing you with a guarantee on their quoted interest rate. You might have heard the phrase “let’s lock your loan”. Here at Achroma we encourage you to pursue the “Goldilocks Principle” by giving you the ability to customize your loan. With most other lenders you’d have to settle for an interest rate that got close to your desired amount. A custom mortgage rate will allow you to do exactly that. For example, if you want to spend no more than $2,000 on all closing costs and the only way to do that is to select a rate with $0 on lender fees. This can be useful since choosing the mortgage points you pay is one of the only costs you can control when applying for a mortgage. See an example below: Interest RateġThe lender fees or (credits) are based on a $300,000 loan amount Achroma solves this problem by providing the ability to customize your loan by selecting any interest rate you want. This problem can also be referred to as the “Goldilocks Principle”. One is “too big” and one is “too small”, but you are looking for “just right”. What happens if you look at two interest rates that are ⅛ apart and you don’t like the fees associated with either of them. In the How Mortgage Points Work post we talked about how interest rates are usually available in ⅛ increments (i.e. Let’s take a look at some of those customizable features. Achroma doesn’t play by these rules so we’ve partnered with several lenders that can provide you with the ability to customize your loan. While this makes comparing loan options easier it can also be limiting and prevent you from getting the best possible loan. interest rates, lock-in periods, and loan terms). What did we mean by that? Most lenders can’t customize certain loan features (i.e. We mentioned being able to customize your loan in Achroma’s blog post on How Mortgage Points Work.
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