MortgageCast

First-time homeowners often underestimate utilities that were previously included in rent. Be sure to account for:
Water and Sewer
Trash and Recycling Collection
Natural Gas or Propane
Increased electricity usage (for a larger space)

Once a rate is formally locked with your lender, it should not change before closing, barring any significant changes to your application (like a change in your credit or the home’s appraised value). Be sure to get your rate lock agreement in writing. A “float down” option, if available, may allow you to secure a lower rate if market rates drop significantly before closing.

A rate lock is a guarantee from the lender that your interest rate will not change between the lock date and your closing, protecting you from market fluctuations. A float-down option is a paid feature that allows you to secure a lower rate if market interest rates decrease during your lock period.

Yes, in many transactions, the seller can agree to pay for some or all of the buyer’s closing costs. This is known as “seller concessions” and is often negotiated as part of the purchase agreement.