When To Lock Your Loan

The rates associated with mortgage loans change daily. To prevent surprises, it is often best to lock in the interest rate and costs on your loan by paying the lender a fee. So, when is the best time to do this? Well, there really isn’t one. To lock or not lock is really a roll of the dice. You are basically betting on whether rates will go up or down between the time you are approved and funding occurs. If you are really happy with your approval rate, lock it. If not, well, it is up to you.