All About Loan Locks

Whether it's a good idea to insist on a loan lock for a mortgage depends on how interest rates may move.

Most borrowers in the market for a real estate mortgage realize that interest rates change daily. What they don't know is when to lock in the interest rate and say to the lender, "This is the loan we want at this interest rate. Will you guarantee this rate for us?" This is when a good loan rep can be invaluable. By understanding their clients' needs and working intimately with them, mortgage representatives can help borrowers to make the right decisions.

Be careful about which type of loan lock agreement you choose, though, because if a loan doesn't close within the time specified in the loan-lock agreement, the loan lock will expire . . . read more about Locking a Loan.

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• Review of Home Staging with Barb Schwarz
  
• How Do Foreclosures Work?

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