Should You Lock in Your Rate?

Should You Lock in Your Rate?

Mortgage interest rates are unpredictable and can fluctuate many times between filing a loan application and closing. To avoid uncertainty and save the rate in your mortgage loan offer, you'll want to get a mortgage interest rate lock.

A mortgage rate reduces financial uncertainty in the home purchase process by guarding against significant interest rate increases.

Pros to a Mortgage Rate Lock

• Keep the rate (unless your loan changes or the lock expires before closing.)

• You can budget for your monthly payments because your interest rate is set.

• Avoid a last-minute points purchase because of a higher interest rate.

Cons to a Mortgage Rate Lock

• Possibly missing out on a lower interest rate.

• If the lock expires, you may have to pay a fee to extend it or miss out on the rate altogether.

Interested in locking in current low rates? Contact us today!

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