Locking Your Mortgage

The mortgage industry is based on markets, which means the rates on loans change each day those markets trade. This can cause a problem. If you get pre-approved for a loan on the first day of the month, but don’t close to the end of the month, the rate on your loan can change! To avoid this, you should be able to lock in the interest rate on your loan by paying an extra fee. Do it! The lock in period is usually 30 days, so make sure your escrow matches it.