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Why Should My Clients Lock In Their Interest Rates
Interest rates fluctuate frequently, often depending on the news. If you are considering refinancing your home, your loan officer may suggest locking in the interest rate on your loan.
There are some valid reasons why this is a good idea including:
Saving Money For The Long-term:
Over the life of a loan, an increase of as little as one-quarter of a percent can cost thousands of extra dollars. Spending a small amount of money now to lock in a rate can save money over the life of the loan.
Your loan officer will explain the difference in rate increases initially, over a year and over the life of the loan.
You May Not Qualify At Higher Rates:
Whether you are considering refinancing your property or you are buying a new home, you may discover your rate just qualified for your loan to meet the required debt-to-income ratios. An interest rate increase may mean you will not qualify for the loan.
Closing Times May Impact Their Decision:
If a loan is scheduled to close within 30 days, it may be a good idea to consider locking in the interest rate your loan officer is offering. The lock will help protect against potential ... more

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