Do I lock in my interest rate on my mortgage
Deciding whether to lock in your mortgage rate when getting a mortgage is an important decision that can have a significant impact on your finances.
A mortgage rate lock is a guarantee from a lender that the interest rate on your mortgage loan will not change for a specified period of time, typically 30 to 60 days. Locking in your mortgage rate can protect you from potential rate increases while you're going through the loan approval process, which can take several weeks.
Locking your mortgage rate can be a good idea if you believe that interest rates are likely to rise in the near future…
The skinny
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