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Mortgage 101 - Locking In The Rate
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Should I Lock My
Interest Rate?
Because the interest
rate market
fluctuates constantly and is subject to quick movements without notice,
locking in a mortgage rate with a lender certainly protects you from
the time your lock is confirmed to the day it expires.
Lock-ins make sense in a
rapidly-rising rate environment or when
borrowers expect rates to climb during the next 30 to 60 days, which is
typically the amount of time a lock-in remains in effect. A lock-in
given at the time of application is useful because it may take the
lender several weeks to prepare a loan application.
These days, however,
automated loan practices have cut the time quite a
bit. Lock-ins are not necessarily free. Some lenders require you to pay
a lock-in fee to guarantee both the rate and the terms. If your lock-in
expires before you close on the loan, most lenders will base the loan
rate on current market interest rates and points.
My mortgage
team and I remain up-to-date with the various
mortgage rates, options, loan choices and alternatives and are an
invaluable resource for any home buyer or home owner who is considering
refinance.
We are committed to providing you with mortgage services
that exceed your expectations.
 I'm
Ready
To Get Started...
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