A lot of times clients say they want to lock their rate. Do you know as  a consumer locking a rate for extended period of time can actually costs you more. Guess what it can also cost the lender...which is why they pass the expense along to you.

In a volatile market - yes it make sense to lock a rate for an extended period of time if your closing is further down the road. However, a 15 to 30 day lock is usually sufficient to get the job done. Your mortgage professional can assist you with determining the appropriate time to lock your mortgage interest rate when completing your transaction.

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