Lock It or Lose It: The Truth About Mortgage Rate Locks
Hoping to save a few bucks by waiting to lock your mortgage rate? That hesitation could cost you thousands. Tim Lucas and Craig Berry break down how rate locks really work, why timing them is so tricky, and what matters more than chasing the “perfect” rate.
In this episode you’ll learn:
- The hidden risk: Waiting just one week for rates to drop can cost $5,000 or more in lost lender credits or higher pricing.
- How locks really work: You’re not locking one rate—you’re locking a menu of rate and credit options that shift daily.
- Perspective on small changes: The difference between 7.875% and 7.75% is only about $24 a month on a $300K loan.
- What to focus on instead: Compare Loan Estimates, negotiate repairs, and protect your total cost, not just the interest rate.
- Timing tip: You can refinance later—but you can’t re-buy the house. When the rate works for your budget, lock it and move forward.
Read the full article:
https://www.mortgageresearch.com/articles/mortgage-rate-locks/
https://www.mortgageresearch.com/articles/mortgage-rate-locks/
