However, according to The Mortgage Reports chart below, experts predict interest rates to rise in the next 90 days. With rates at historic lows, now is a great time to purchase or refinance your current mortgage, lock in a low rate, and take advantage of significant monthly savings! At GuardHill, we will always make sure you are well informed throughout the mortgage and rate lock process.
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In other words, charging more upfront via a loan lock fee reduces the risk that your lender will earn less on your loan if rates go higher by the time you close. You do have a few options in this case. First, you can keep your locked rate. It may not be worth trying to renegotiate your lock over a small rate reduction. However, if rates drop dramatically during that period, you might be able to take advantage of new, lower rates with one of the following strategies.
You can always walk away before closing day and find a lender offering a better deal. Alternatively, you could stick with the higher rate you locked in and proceed to closing as planned. Current mortgage rates are at historic lows.
That means better deals for first-time home buyers and current homeowners alike. Foroutan recommends that you carefully watch rates and compare your locked-in or pre-locked-in rate to the national average. Verify your new rate Nov 12th, How Soon Can I Refinance? This allows you to score a lower rate if they drop before closing. Enter your loan information to calculate how much you could pay. Need a home loan? Credible makes getting a mortgage easy. It only takes 3 minutes to see if you qualify for an instant streamlined pre-approval letter.
Find Rates Now Checking rates won't affect your credit score. Knowing when to lock in your mortgage can be tricky, but the actual process for locking is pretty simple. Locking down your interest rate can give you peace of mind and help you budget your monthly mortgage payment. Skipping the rate lock is a gamble. If rates creep higher while your loan is still in process, your monthly payment can increase and might impact your loan qualification.
You could also pay thousands more over the life of a loan. Just a 0. Compare that to a 0. Between getting a mortgage pre-approval and submitting your mortgage application, monitor mortgage rates in your area.
Ask your real estate agent and loan adviser for their input, too. If rates are dropping, then you might decide not to use the lock at all.
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