Mortgage Rate Lock
Should I execute a Mortgage Rate Lock? One of the most common questions I get asked is: “When am I able to lock a mortgage rate, what will it cost to do so?”
It’s possible to lock in a mortgage rate; however, what it will cost really depends on the amount and term of the loan, as well as the length of the lock period. If you can get a great rate, locking it in might be worth the fee in the long run, especially since rates are sometimes subject to wild fluctuations.
In a perfect world, lock when rates are rising, and do not lock when rates are falling. Unfortunately, it is never this easy. Once you lock your mortgage rate, it will not change, even if rates in general should fall further.
Call me to discuss a strategy that makes sense for you. You can read more about a Mortgage Rate Lock HERE.
If you have any questions about the mortgage application process, please do not hesitate to reach out – 630-229-5006. I’m more than happy to help you along the way.
All the best,
Jim Haley