Fed interest rates, how will they effect you?

MagentaYenta

Wed, Dec 16 2015, 1:16 pm

I don't keep balances on my CCs so it will have little impact on my consumer debt. From what I understand that folks with variable rate mortgages will see increases.

This increase was long discussed in the news and really wasn't a surprise. Has anyone done any calculations to see how much their mortgages will increase?

amother

Olive

Wed, Dec 16 2015, 1:19 pm

We're about to apply for a mortgage & wondering if we should make the attorneys crazy to finish contract review, but I'm assuming the rate goes by date approved, not date applied.

ez-pass

Wed, Dec 16 2015, 1:28 pm

You can lock in a rate any time from application till right before closing. But u need to have applied already.

suzyq

Wed, Dec 16 2015, 1:29 pm

amother wrote:

We're about to apply for a mortgage & wondering if we should make the attorneys crazy to finish contract review, but I'm assuming the rate goes by date approved, not date applied.

You usually get your rate locked in for a certain amount of time (30-90 days depending on who you are working with) once you are approved by your lender.