It’s important to know your rights. In this blog, I provide excerpts from the Consumer’s Guide to Mortgage Lock-Ins, which is published by HSH Associations.
About this Guide…
“The Federal Reserve Board and the Office of Thrift Supervision prepared this booklet on mortgage lock-ins in response to a request from the House Committee on Banking, Finance and Urban Affairs and in consultation with many other agencies and trade and consumer groups. It is designed to help consumers understand an important aspect of home financing.”
What is a Lock-In?
“A lock-in, also called a rate-lock …

I don’t come across many buyers looking to buy a co-op but there are a few on the market. In this post, I reference Bankrate’s “Condo or Co-Op? What’s the difference?” for the comparison.
Both condos and co-ops are considered “common interest developments.” A common interest development is a housing development in which their are individual ownership of units with the right to use/share common space.
In a…

Condo, “each unit owner owns an individual apartment in fee simple. In addition, the buyer owns an undivided interest in the common elements such …