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Should I Lock In My Mortgage Rate?

Should I Lock In My Mortgage Rate?

Before you lock your mortgage rate, you should understand more about how mortgage rates work.

Mortgage Rates

Figuring out the details of your mortgage and mortgage rates might seem incredibly confusing, but it doesn’t have to be. Here are a few of the best ways to make sure your mortgage hits the spot.

See the Rate, Be the Rate

The more you know about mortgages and interest rates, the better chance you have of making an informed decision that works for your budget. So what is a mortgage rate? Essentially, it's the rate of interest charged by your lender. You pay back the money you borrowed plus interest that accrues on the principal sum over time. And that's the key factor that can make or break a loan.

Mortgage rates are based on housing market behavior and don't really fluctuate that much. But finding a good mortgage rate helps keep payments manageable in the long-term, so lots of people still choose to ask for a mortgage rate lock.

Beware of the Fee

Mortgage rate locks often come with hidden fees, so make sure you understand the terms of your lock before you sign.

Time Your Lock

During negotiations, a lender may decide to change the interest rate of your mortgage. It's vital that you understand the terms of your loan before you sign the papers. To protect your loan from the possibility of any last-minute changes, asking for a mortgage rate lock can be an important tactic. But does the rate justify the lock?

If you are ready to learn all that you can about how to find the best mortgage rates for your loan and whether a lock is worth it, it's time to work with the expert team at Midland Mortgage. Contact us today to learn what your mortgage rate options are.

Posted Mar 04, 2015 by Midland Mortgage Corporation