The declining rates meant a reduction in mortgage payments, but at the same time proved to be a thorn in the market's side due to delays in the closing process. A Wall Street Journal report said that despite keeping its tax collection online, the IRS was unable to process loans. Filing a 4506-T, a request from the lender to check the borrower's tax history, became impossible with this function of the IRS closed during the shutdown.
During this uncertain time, mortgage lenders should have recommended locking in, especially for floating borrowers, to protect the property value from any market surges or drops. A lock-in requires a signed agreement between buyer and lender to agree upon a set value that must stay constant no matter how the mortgage market moves. Professional Memphis mortgage lenders such as Churchill Mortgage can work out such agreements with borrowers.
http://memphis.churchillmortgage.com/blog/2013/10/01/memphis-mortgage-lenders-advise-lock-in-to-protect-mortgage-plans/
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