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Benefits of Locking Your Rate
Locking your rate can offer stability, especially in a volatile market. It ensures that you won't be affected by sudden rate hikes, which can translate to significant savings over the life of your loan. For example, even a 0.25% increase on a $300,000 mortgage could mean paying an additional $15,000 over 30 years1. When you lock in a rate, you can plan your finances with greater certainty, knowing exactly what your monthly payments will be.