How long are the locks for and can you get an extension if the closing does not happen before the lock expires?To complicate matters we have an estimated completion date on the home of about a month from now, but it's only an estimate, with no closing date.
It has been a while since I had to figure this out myself but I always locked my rate as soon as I could be sure that I could close before the lock expired.Lock mortgage rate now or wait?
My reasoning was that if rates dropped sharply then I could always refinance at a lower rate to my downside was limited to the cost to refinance. At least back then there were also no-cost refinances available where you could have no costs other than getting a slightly higher rate than if you paid the normal refinance costs.
On the flip side if I did not lock and rates when up sharply then I was out of luck and there was nothing I could do.
We cannot get into things like politics on this board but there is a lot going on in the world right not both domestically and internationally where some big event could at least temporarily cause mortgage rates to spike so I would also tend to lock sooner than later just so to avoid some big event causing problems with your mortgage rate.
Statistics: Posted by Watty — Tue Aug 06, 2024 1:47 pm — Replies 6 — Views 759
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