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Before working with any real estate broker, you should know the duties of a broker depend on whom the broker represents. Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.  MORE »

Rate charged for the use of loan funds. Interest is always paid in arrears, meaning after the money has been given to the borrower.  Your first mortgage payment is correspondingly due AFTER the first full month that you own the home.  It also means that a mortgage payment due just prior to closing still needs to be paid, as it is for the previous month’s principal and interest.

If you “lock” in your rate, that means that you and your lender have agreed on a rate and fee and your lender is guaranteeing that rate for X amount of days…..enough time to get you to closing. You should always LOCK your interest rate if you feel like rates might be on the rise. If you think they are going to come down, you should FLOAT….which just means that you are “floating” with the market, and have not locked yet. Typically, you will have to pull the trigger and lock your rate within a calendar week before closing (if you haven’t already done so), so that your lender will have enough time to get correct loan and closing documents to the title company and still close you on time.  The reason behind this is simple:  if closing documents are not ready by the agreed upon closing date, you would potentially default on the contract for your home, forfeiting your earnest money. Which makes it all the more important to lock in time for closing.

Interest rates today are at an historic low (Abe Lincoln couldn’t lock at 4% ) … so this would be a good day to LOCK.

Definition and Abe-Lincoln low interest rates provided by:

Stefanie Sprohge Hernandez, Mortgage Banker

Colonial National Mortgage

A Division of Colonial Savings, F.A.

Office:  512-279-3035


Apply on line www.cnmcs.com/stefaniehernandez

In mortgage terms, the holder of a mortgage or the permanent lender for whom the mortgage banker services the loan.  Any person or institution that invests in mortgages.  In real estate terms, any one who purchases real estate for the purpose of making a profit.