Find Out More About the Montgomery County Area Economy & Job Market
 The economy is booming in Silver Spring! The town is very excited about The Discovery Channel headquarters right here in our town. With the revitalization of downtown Silver Spring, many businesses are moving here, which has helped our economy more than we could have imagined! Downtown is in a very convenient location. Most businesses are within walking distance of the Metro, and the beltway can quickly take you to Baltimore & Annapolis! Silver Spring is very close to the Washington, D.C. line, making it very convenient to our Nation's Capital. We now have a Fresh Fields grocery store and a Starbucks coffee shop! The downtown area is beautiful once again! Our own Greater Capital Association of Realtors has also relocated here! We know a good thing when we see one! When Mike & I were children, we remember how our mothers would take us downtown to go shopping (and maybe stop at Crisfields for lunch!). It was a lovely place to go. Unfortunately, with all the malls that were built in the 1970s, people didn't go downtown as often, and it started to look a little "ragged". In the past few years, however, everyone has pitched in and worked on the revitalization, and what a change! It is once again a city to be proud of!
Interest Rates >Locking in Loan Rates It is important for both new homebuyers and homeowners who want to refinance to understand how to lock in an interest rate when applying for a mortgage loan. Understanding how rate locks work prepares you to evaluate your options.
While you are in the process of applying for your mortgage loan, interest rates will most likely fluctuate from day to day and week to week. If you want assurance that the wonderfully low interest rate on your loan will not increase while you are waiting for loan approval, ask for a rate lock. A conventional rate lock is a guarantee from the lender that your mortgage will carry a particular interest rate, with specific, predetermined points and fees.
The interest rate is "locked in" for a specified period of time, usually thirty days. When you call a lender for a rate quote, ask how long that rate will last for. If you think you might need more than thirty days to complete your home purchase or refinance, tell your lender how many days you will require, and they will give you an adjusted rate quote.
Rate locks are especially useful if interest rates are on the upswing, and you are concerned about ending up with higher monthly payments. If you cannot afford the risk of a further interest rate increase, lock in your loan rate now.
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On what famous American street can you find the most expensive retail space for rent anywhere in the world?
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| A |
Fifth Avenue, New York City, U.S.A. offers retail space for rent at the rate of $580 per square foot. |
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