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Should You Lock In Your Mortgage Rate Now?

Should You Lock In Your Mortgage Rate Now?

Lock Mortgage Rate?

Should you lock mortgage 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. For more information contact Larry Wisher w/Caliber Home Loans.

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Jamohl DeWald

One of my greatest joys as a real estate professional is handing over the keys of ownership to a first-time home buyer. As an experienced agent, I understand that preparation is important to avoid missteps with that first home purchase. I’m here to help with navigating the waters of those potential missteps.

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One thought on “Should You Lock In Your Mortgage Rate Now?”

  • Buying a Home in Portland Metro Area – JD PDX Real Estate

    November 11, 2018 at 3:11 am

    […] to head to your lender for a home loan pre-approval. You may have heard or read the term “pre-qualification” in your research thus far, but it’s important to understand the difference between the […]

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