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 percent but 8 months later when I am looking over our mortgage statement I realize it's locked in at 6.5 percent.

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 percent 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. You can also invite friends to comment on this page or ask another question of their own.

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,

Ask Kate how to get the best mortgage rates
Ask Kate

P.S. Go to my Best Mortgage Rate Blog, an entertaining source of mortgage information. Subscribe now to the RSS feed.

Finding Help for Locking Rates

My Interest Rate Lock Guarantee - Help for timing your rate lock.

The best solution to avoiding hidden fees is to ask the right questions before you lock mortgage rates.

Get mortgage broker fees in writing or your rate lock is meaningless!

How good is a mortgage interest rate lock guarantee?

Yield Spread Premium is a common reason for losing your rate lock.

Questions to ask before you lock.

Search questions and answers at Ask Kate Mortgage Rate Lock Center I.

More questions and answers at Ask Kate Mortgage Rate Lock Center II.

Return from Locking In Mortgage Rates to Get Your Best Mortgage Rate

Click here to add a comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

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