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Got a Home Loan in Virginia?
Get Low Refinance Rates From Just 2.12%.

5 Mortgage Rate Lock Tips

There are a number of common mortgage mistakes that can make your refi an unpleasant and expensive experience. Knowing when to float your best refinance rates and when to lock can save you thousands of dollars from unnecessary finance charges. Here are several tips before you refi from HSH.com to help you lock your lowest refinance rate at the right time:

There are the 5 golden rules that you must understand when discussing rate locks:

  • 1. NEVER lock a rate before the contract is signed
  • 2. Know what your “on or about” closing day is
  • 3. Most lenders offer 15, 30, 45 and 60 day rate locks
  • 4. Choose a lock period that gives you the comfort of knowing you should have enough time to get you through closing.

The interest rate is NOT locked at the time of submission to the bank. The borrower chooses when that happens

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Before locking your interest rate and signing the contract you need to take a hard look at closing costs and the loan origination fee. Most homeowners get so caught up in finding the lowest refinance rates they overlook closing costs and overpay hundreds, even thousands of dollars.Tips Before You Refi

One fee you need to keep a sharp eye out for is any form of mortgage rate lock fee. This fee is pure garbage and a sign that you need to find another broker or lender to work with. Other junk fees include broker courier fees, application fees, and loan processing fees.

You can learn more about saving thousands on your mortgage refinance by avoiding unnecessary fees and markup by checking out my free Underground Mortgage Videos.

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