We’ve seen interest rates gradually rise over the last few months. You’re under contract to buy your new home, and now you may be wondering when the perfect time is to lock in your interest rate on your mortgage loan. Most often, you can lock in your rate for 30 days at no charge; however, don’t be afraid to ask your lender about options for extending your rate lock. It may cost you, but you’ll have the security of having today’s rate when rates increase tomorrow. Even if you’re building a home, some local lenders have longer term rate locks. During times when rates are trending upward, you’ll want to lock in your rate sooner rather than later. When interest rates are volatile…experiencing larger highs and lows in short periods of time, you want to lock in your rate very early in the loan process. If your loan qualification numbers are a little tight and any upswing in the rate will jeopardize your loan approval, you should lock in your rate as soon as possible. If you have any questions about the best local lender to meet your lending needs or lenders offering extending longer interest rate locks, feel free to contact Wallisa Cobb at 850-321-1008 or email her today at Wallisa@CobbRealtyHomes.com.
