Locking In Mortgage Rates
by Bobbie
(Sunset, Utah, USA)
Bobbie writes about locking in mortgage rates:
Kate, We purchased our house last August and at that time it felt like the mortgage rates were all over the place all the time. We thought we were closing our loan at 6% but 8 months later when I am looking over our mortgage statement I realize it's locked in at 6.5%.
So we're simply going to refinance our home loan. That is the wonderful thing about a fixed rate mortgage, virtually at any time you can refinance if you see a new juicier rate that you want.
So long story short we are getting a 4.5% rate this time. Fantastic! Remember you're never really locked in.
Locking In Mortgage Rates
Dear Bobbie, Thanks for contributing your refinance experience. Take a moment to bookmark Locking In Mortgage Rates to your favorites so you can return easily.
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For other homeowners trying to decide if refinancing is worth the cost, visit Mortgage Refi Tips for help figuring a break even point.
Best Wishes,
Your Online Mortgage Advice Friend
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