When to do a rate lock. 


When should you lock yoru client’s rates?

You Need An Expert!

So you have decided to refinance or buy a house. Like any responsible adult you’re doing the legwork to figure out how much it’s going to cost, what kind of money you can save, and all that other important, boring stuff. Right?

 

Let’s make a small part of their research a little easier. 

You want the best interest rate possbile.

It’s Easy Brizy

Assuming you haven’t recently come into some super powers that allow you to see the future, you don’t know for sure what direction rates are headed. Still, that’s not going to stop you from wanting to get the best interest rate possible. This is where a Rate Lock comes in. 

A Rate Lock is when a lender allows the borrower to lock in the current interest rate for a certain period of time—usually 30, 45, or 60 days. So long as your loan closes during that time frame you will have the interest rate you locked-in—even if interest rates have risen.

To make your life a little easier on this front Canopy Mortgage offers a rate tracker to help take the guesswork out of locking an interest rate. You’ll see where rates have been, get daily updated quotes specifically for your circumstance, or get notified once rates drop to a level you choose. We do all the tracking for you.

So when is the best time to lock?

Magic 8 Ball 

Since nobody can see the future, we don’t know if rates are going to go up or down. For some lenders, locking in or failing to use a locked rate can cost you money. If you lock in a rate and interest rates suddenly go down, well, you lost that bet. But, if rates go up you’ve insultated yourself from the change and saved yourself a lot of money in the long run. 

 

Should I pull the trigger? If you’ve made that leap and you know you’re going to get a loan, by all means, pull the trigger. Cut the cord. Get it over with. Check the market trends and decide accordingly. Just keep in mind, nobody can see the future. That said, interest rates have been on the rise. 

 

Simply search for your loan officer on the Canopy Home Page – and click on the “RATE TRACKER” button to sign up today! 

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Canopy Mortgage is a division of Nudge Funding, LLC | 360 Technology Court, Suite 200 Lindon, UT 84042 NMLS Consumer Access #: 1359687. All loans subject to credit and property approval. Our privacy policy is here and our terms of use are here. State License Data: www.canopymortgage.com/state-licenses/