is to know when to lock in a rate, and to find out each lender’s rules and policies surrounding mortgage rate locks. Mortgage interest rates and mortgage rate lock fees can vary significantly from day to day, and from lender to lender, so take your time when researching and shopping. In addition to shopping around, when you’ve found a lender, a low rate, and you’ve decided to lock it in, it’s imperative that you get that mortgage rate lock in writing. Don’t take anything for granted. “Rising rates mean rising profits for lenders,” says Lisa Smith of Investopedia, “so they have every incentive to increase the rate whenever possible.”
POINTS TO REMEMBER:
• When looking for a loan and getting pre-approved, take your time, shop around, and don’t automatically go with the first rate or the first option given to you. • If you don’t know where to start, ask your real estate agent. • If you find a great rate, lock it in, in case the market takes a turn for the worse.
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