Getting the lowest mortgage rate possible should be a goal for all homebuyers. Who wants to pay more in interest than they have to? No one! That’s why, when your potential lender offers a rate, you need to lock it in as soon as possible. Sometimes, mortgage rates can change the next day, like gas prices! Check out this post by Bill Gassett at Max Real Estate Exposure for tips:
Be sure to get pre-approved for your mortgage! Since mortgage rates change day to day, borrowers should not assume that the mortgage they qualify for today will be available tomorrow, unless they lock in the rate. It is also important not to assume that any particular rate is locked in unless they have reassurance in writing. Be sure to document any discussions you have with your mortgage broker or lender when locking a rate!