With mortgage rates trending upwards, now may be a good time to lock in your mortgage rate, if you are thinking of buying a new home. Natalie Campisi explains the mortgage rate lock process on Bankrate.com. Click here to read the entire article.
When should you lock a mortgage rate?
As mortgage rates increase, homebuyers should pay close attention — higher rates mean more cash out of pocket for borrowers. For those worried that rates will climb even further before closing, a mortgage rate lock could be the solution.
What is a mortgage rate lock?