Part of the nBuy Life Event Network

Our home planning centers: 

----- quick mortgage step summary -----

watch the rates

rates change daily

You need to watch them closely. If your desired rate begins to climb, ask your lender about locking-in the rate.

Lock-in's vary by lender. Generally, lock-in's allow you to keep the rate you lock-in for 30-60 days while you finalize your mortgage application. At the end of the lock-in period, the rates adjust to current prevailing rates.

Lock-in's have advantages and disadvantages:

  • Advantages
    allows you to protect the rate at the level you need to make a financing decision. And if rates go up, your lock-in rate is the guaranteed rate when you close on your loan.

  • Disadvantages
    lock-in's may cost you (varies by lender). Plus, if rates drop, you are stuck with the lock-in rate when you finalize your application. Sometimes lenders will allow you to take the lower rate with a penalty. You need to discuss lock-in terms and costs with your lender.

More Rate Information


----- end of mortgage step summary -----