It can be hard to know exactly when to lock in your rates. We can help you find the best possible rate and help you lock it in so there are no surprises down the road.
A mortgage rate lock freezes your interest rate until loan closing. If you’re comfortable with your rate, and the monthly payment fits your budget, consider locking it in.
Getting a mortgage rate lock is a way to keep your home loan’s interest rate from moving higher before closing. Mortgage interest rates are constantly moving up and down. During the underwriting and processing of a mortgage, rates can fluctuate enough to potentially cost or save you thousands of dollars over the time you hold the loan.
A rate lock protects you from higher rates, but you won’t get a lower rate, either, unless you have the option for a one-time ‘float down
Is a mortgage rate lock worth it?
If you’re approved for a home loan at an interest rate you’re comfortable with, and the resulting monthly payment fits your budget, that’s the time to consider locking your rate. We are here to help you with the decision. It is just a Phonecall away!