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Locking In Your Interest Rate
Consumers have the option of floating or locking an
interest rate. When we are in a fast changing lending
environment a hesitation of one day or even a few
hours on locking your rate can mean the difference of
a higher rate or more costs for the same loan situation
if the market worsens.
interest rate. When we are in a fast changing lending
environment a hesitation of one day or even a few
hours on locking your rate can mean the difference of
a higher rate or more costs for the same loan situation
if the market worsens.
Waiting or hesitating could end up costing you
more. If the rate you can lock in at is acceptable
and beneficial to you, then you should take the
certainty of that interest rate. Most lenders
offer a "float down" or renegotiate of a locked
rate if the market improves.
more. If the rate you can lock in at is acceptable
and beneficial to you, then you should take the
certainty of that interest rate. Most lenders
offer a "float down" or renegotiate of a locked
rate if the market improves.
Chicago Illinois Home Mortgage Lender