When to “lock in” an interest rate

With rates trending up in 2022 we are seeing the trend of clients paying down with funds and “locking in” the interest rate. Plan some extra money for locking in your rate when house shopping. If a seller is hoping for time to find a home you may need an extended close date. Once under contract on a home you can lock in your rate for a fixed period of time and going longer can be done for a fee. A great topic to discuss with your preferred lender.

New Construction..

For those building a home and timelines often slipping (due shortages in labor & supply chain issues) this can be an added expense. If using a lender provided by a builder make sure you are getting what you need and be persistent (was just explaining “persistence” to one of my 9 year olds this morning). You need to be your best advocate when using a builder provided lender. It may look like the best option initially but does take some extra work on your end.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Blog at WordPress.com.

Up ↑

%d bloggers like this: