When you go to apply for a home loan, you must choose between locking the interest rate at application, letting the interest rate “float” until closing, or select some type of float-down program, depending on the lender.

When purchasing, its usually better to lock your rate; locking a rate can especially help with your peace of mind- so that if you know you’ll lose sleep over a floating rate, you should probably lock.

A good mortgage specialist can advise you as to when is a good time to lock. But no matter what you decide, make sure to get a copy of the confirmation.

A good Mortgage professional will determine the best time to lock in an interest rate. Some lenders have a program called rate protection. This allows borrowers to lock in a rate but give them the option of relocking if the rate decreases before closing.

A mortgage professional should be able to explain, if asked, why they are recommending locking or waiting to lock. Mortgage professionals have access to a variety of tools and information. They should understand how different factors in our economy influence one another - and how these affect the movement of mortgage rates.

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