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Mortgage Rate Lock

Locking a Rate When Refinancing Your Mortgage

Locking in your mortgage rate can be a source of confusion and frustration for many homeowners. When and how do you lock in your mortgage rate? How do you know that your mortgage broker really locked in your rate? Mortgage rates change on a daily even hourly basis; if you miss the opportunity to lock […]

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Can You Break Your Mortgage Rate Lock?

Since mortgage rates have been in near freefall this week several people have asked me about breaking mortgage rate locks. Here’s the skinny you need to know about locking in your mortgage rate. Can you break your mortgage rate lock and walk away from the table at any time? While most mortgage brokers will tell […]

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Mortgage Rates – Locking in Your Interest Rate

If you’re in the process of refinancing your mortgage you might be losing sleep over your rate lock. Last week mortgage rates rose from 5.6% to 5.8% almost overnight. If you didn’t lock your rate in writing you’re looking at higher mortgage rates this week. Here are the basics you need to know about locking […]

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Mortgage Rate Locks Can Be Broken

Mortgage rate locks are supposed to protect you from rising interest rates while your loan originator prepares the documents necessary to close on your loan. What happens when your mortgage rate lock breaks? Broken locks occur when you aren’t able to close before your designated lock period expires. Ones your lock breaks the wholesale lender […]

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