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!