Ask Terry Questions Home Mortgage – interest rate lock

Home Mortgage – interest rate lock

By Terry Savage on November 10, 2019 | Housing / Real Estate

My daughter is purchasing a townhome with closing date the beginning of December. Should we lock in rate now, or hold out. It has gone up since originally applied for loan?

Terry Says

Most banks and mortgage lenders will give you a one-time chance to reduce the rate if the rate has dropped since you signed the papers. This is not a “timing game.” I don’t think rates on mortgages will drop much from here, so I would suggest locking in now.



a personal
finance question