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When to lock a mortgage rate.

When it comes to mortgage loans and interest rates, it is never a good idea to gamble. The only way to ensure a good rate on your mortgage is to lock in when you see a rate that works with your financial situation.

A mortgage loan cannot be closed without your rate being locked.  There are three main elements to take into consideration:

Interest rate

Everyone wants the lowest rate possible but unfortunately there is no way to predict if rates will go up or down.  There are reference sources available to get an idea of which way the market may move but nothing is guaranteed.  Consult with your lender to find out the latest market trends and current rates.

Points or fees

Discuss with your lender the cost of buying down your rate by paying points.  You will want to consider how long it will take for you to recoup this cost through the lower monthly mortgage payment.  This is not an option for everyone so ask about your specific situation and make an informed decision that best suits your short and long term goals.

Length of the lock

It is very important to lock your rate long enough to close your loan.  All locks have an expiration date and if you do not close your loan by that date, you will have to pay lock extension fees or lose your locked rate.  Review with your lender and they will be able to help you determine the length needed to get your loan closed on time and as promised.

A locked-in rate does not obligate you to close the loan.  This obligation happens at closing. The lock is merely a security measure designed to eliminate the risk of market volatility throughout the duration of your purchase or refinance transaction.

For all your home financing needs consult an expert with Integrity.

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