Why you Should Lock your Rates

Lock your rates, what does that even mean?  Well when it comes to mortgage rates, if you've been paying any attention to the market, rates have been all over the map, we have seen them all the way up to seven all the way down to three, they've been all over the map.

Why does this make a difference?  Because it changes your payment, just a one percent increase in the interest rates can make a significant difference in your payments depending on how much you're financing, but with this craziness of the market, the lenders have gotten very creative and they've allowed you to actually lock your rates.  Though what does that mean? That means that you actually get to lock and then in some cases shop for a whole year at that locked rate, well the Federal Reserve is talking about rates that are going to continue to go up, that's a really attractive thing to you.

Typically there's a little but of money you have to pay up front, but they usually reimburse you that at the closing table, so it doesn't really cost you anything in the end and it can save you hundreds of dollars, hundreds every month on your loan payments, so if you have not talked to your lender about locking your rates, you really need to, and if you don't have a lender you're already talking to, hit me up, I have tons I can refer to you, but this is overall what you want to 100% do in this crazy market, talk to your lender about locking your rates.

Well, there's the scoop, Edna Wilson, your Hometown Realtor, as Hometown as Apple Pie.