📈🔐😁👍 Manage interest rate risk!
Interest rates have been topsy-turvy so far in 2023. The best way to protect yourself from interest rate volatility is an interest rate lock. Here are three little-know things about mortgage interest rate locks:
👉1️⃣ Technically, there’s no such thing as a rate lock. 🤔
What?! Mortgage funding comes from the bond market. Bonds trade every day (just like stocks) – daily supply, demand and activity affects the rate you’ll pay. There’s no way to “lock” bond market activity and your lender can only sell a loan into the bond market after it closes. So what is a rate lock really? It’s simply how you decide who’s taking the market risk. When your rate is floating, the risk is yours. When you lock a rate, the risk is your lenders. Lenders neutralize interest rate risk by “hedging” – placing financial bets that offset future losses with gains (and vice versa).
👉2️⃣ You can lock a rate BEFORE you find a house 🤩☂️
Yup! You don’t have to wait to find a house to lock in a rate. You can lock a rate while you are shopping. Locking ahead of finding a home protects you from rate volatility and creates certainty around your future monthly payment (and might help you sleep better at night) while you wait for the perfect new home to come along.
👉3️⃣ After locking, you might be able to float down to a lower rate 🥳🎈
If the market improves after you lock, you may be able to float down to a lower rate. “Float down” or “rate renegotiation” policies vary (so ask about the details), but you really may be able to have your cake and eat it too.
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Julee Felsman, NMLS 120831
Guaranteed Rate, Inc.; NMLS #2611. Equal Housing Lender.
www.nmlsconsumeraccess.org
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Branch address: 1300 SE Stark St #111, Portland, OR 97214
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AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. By refinancing, you may pay more in costs and interest over the extended term. Sample rate provided for illustration purposes only and is not intended to provide mortgage or other financial advice specific to the circumstances of any individual and should not be relied upon in that regard. Guaranteed Rate, Inc. cannot predict where rates will be in the future.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
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