How to Make Sure You Lock in Your Mortgage Rate

When you get a quote from a lender on a mortgage rate, be sure to lock in that rate. Otherwise, you may end up paying more than you expect. Mortgage lenders require that borrowers go through a specific set of steps to apply for a mortgage, often including the payment of certain mortgage application fees, before they’ll lock in a rate. And even then, it’s critical that borrowers check to see that their lender has locked in the mortgage rate they agreed upon. When a mortgage rate isn’t locked in, there’s the potential for the lender to offer a lower rate at closing. But with current interest rates so low, there’s a pretty good chance we’ll see mortgage rates rising in the near term. That means that failing to lock in a mortgage rate with your lender will probably cost you money, potentially to the tune of several thousand dollars over the course of your loan. So watch this video for my tips on locking in your mortgage rate. Be sure to subscribe to my YouTube channel for the latest real estate tips and news: http://www.youtube.com/subscription_center?add_user=expertrealestatetips And for more of my real estate and personal finance tips: Read my blog: http://thinkglink.com See my tweets: http://www.twitter.com/glink Follow me on Facebook: http://www.facebook.com/ilyceglink