Locking in your mortgage refinance rate is a gamble that could save or cost you money. Knowing when to lock or when to float your mortgage rate can be a difficult decision. Here’s an article by Dan Green at TheMortgageReports.com with some insight on when locking your mortgage refinance rates is a good idea:
When it comes to shopping for mortgage rates, to paraphrase Doris Day, que sera, sera; whatever will be with mortgage rates will be. Rates are a function of Wall Street. They’re beyond our control. However, there are ways to make sure you’re getting the lowest rate possible.
Getting the lowest refinance rates in today’s economy isn’t difficult; however, getting a good deal on your mortgage refi depends on the fees you pay at closing. Overpaying the loan origination fee and other lender fees are common mortgage mistakes your neighbors make and can cost you thousands of dollars.