Win Mortgage Strategy Choose Rate Lock or Float Now

If you're on the brink of securing a mortgage, you might be weighing the crucial decision of whether to lock in your interest rate or let it float, and as you browse options, this choice could significantly impact your financial future.

Understanding Rate Lock and Float

A rate lock is an agreement between you and your lender that guarantees a specific interest rate for a set period, typically between 30 to 60 days. This can protect you from fluctuations in the market, giving you peace of mind that your rate won’t increase before closing. On the other hand, opting to float your rate means you're gambling on the possibility that rates might decrease, allowing you to benefit from a lower rate before your mortgage is finalized.