Lock It Down
Whether you’re a first-time home buyer looking to turn rent money into equity or a growing family looking for more space, now’s a great time to get pre-approved and lock in a low rate.
Interest rates can go up or down during the underwriting process, so locking your mortgage rate guarantees a specific interest rate for your loan.
If market volatility causes rates to go up, as expected in 2022, then the total cost of your loan and your monthly payment may end up higher than expected. Locking your rate means you’ll know exactly how much your mortgage payment will be each month.