Know When to Lock and When to Float
• Always ask how long a lender will guarantee the quoted interest rate.
• Typically, lenders guarantee a rate for rate-lock periods of 30-120 days.
• Usually, you can float the rate and lock in anytime up to five days before closing.
• Ask about available rate lock and float options, and the cost of these options.
• Will these options accommodate your home buying needs? The decision is yours.