interest rate movements are as hard to predict as the
stock market and no one can really know for certain
whether they'll go up or down.
If you have a hunch that rates are on an upward trend
then you'll want to consider locking the rate as soon
as you are able. Before you decide to lock, make sure
that your loan can close within the lock-in period.
It won't do any good to lock your rate if you can't
close during the rate lock period. If you're purchasing
a home, review your contract for the estimated closing
date to help you choose the right rate lock period.
If you are refinancing, in most cases, your loan could
close within 30 days. However, if you have any secondary
financing on the home that won't be paid off, allow
some extra time since we'll need to contact that lender
to get their permission.
If you think rates might drop while your loan is being
processed, take a risk and let your rate "float"
instead of locking. After you apply, you can lock in
by contacting your Loan Counselor by telephone.