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When Can You Lock in a Mortgage Rate?


The Spire

Financing a home without a mortgage is really difficult. It’s why many homebuyers take out mortgages. But, mortgage interest rates frequently fluctuate, even within an hour. Unfortunately, we cannot predict the fluctuations. That’s why many people choose a mortgage lock to prevent paying a higher interest before their loan is finalized.



If they don’t change- mortgage rates can go up and down for weeks, then settle to the point they were when you were locking. In such a case, you may feel like you wasted your money paying for a rate lock. But remember that there’s no way to predict the market. Consider these locks as your peace of mind.

 If they go up-this is the main reason for using a rate lock. Should the interest rates go up by the time you are finalizing your loan, you wouldn’t be affected as you have already locked in.

If they go down– loan rates can also go down by the time you are closing, which is a significant drawback of locking your rates. If this happens, you’ll not enjoy the lower options, unless you have a float-down, which will qualify you for lower interest rates if they drop at the time you are closing.


A couple of things can influence your decision. If you want to refinance at a target rate, locking may not be a viable option unless the rates drop down to your specific target rate. But if you have a contract and a closing date, locking is a great option compared to waiting indefinitely for a lower rate. Remember that how long you lock affects the fee you’ll pay. For instance, you will pay less for locking for thirty days compared to a person who locks for 60 days.


A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.