Professional Home Staging and Photography Blog: December 2008

The Daily Mortgage Interest Rate Lock Advisory - December 30, 2008

My Lock Advice for Today:

If I were considering financing/refinancing a home, I would...

  • Lock if my closing was taking place within 7 days
  • Float if my closing was taking place within 8 and 20 days
  • Float if my closing was taking place between 21 and 60 days
  • Float if my closing was taking place over 60 days from now

This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of any or all other borrowers.

Interest rates are based on numerous economic, financial and credit based factors that adjust daily. In addition, lenders can vary on qualification criteria from program to program. If you like the rate today, the safe bet is to lock. Even if rates improve, they wouldn't improve enough in the short term to make you cry about it. But if you are an ardent market bear, and accept the risk of negative mortgage headlines, and believe the economy will just get more bad news next week, and you have the money to risk, you may benefit from floating. Just remember, it always seems more painful to have not locked when you should have as opposed to locking and then watching rates get a little better.

 

East Bridgewater, MA 02333
Phone: (508) 443-1332

Lew Corcoran, ASP®, IAHSP, IAHSP-CB
Accredited Home Staging Professional
Professional Real Estate Photographer

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Comment balloon 0 commentsLew Corcoran, ASP® • December 30 2008 09:38AM
The Daily Mortgage Interest Rate Lock Advisory - December 30, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 29, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 26, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 24, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 23, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 22, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
Conforming, Conforming Jumbo, and FHA Loan Limits for Massachusetts…
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For the 4th straight year, the conforming mortgage loan limit will remain at $417, 000. What is a conforming loan? A conforming mortgage is one that conforms to Fannie Mae or Freddie Mac mortgage underwriting requirements. Banks and lenders can… more
Don't be Fooled by Misleading Closing Costs!
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One of the worst questions a customer can ask when determining which mortgage company to use is "what are your closing costs? " Too often, when customers are estimating what their closing fees are going to be, they ask the above question… more
The Daily Mortgage Interest Rate Lock Advisory - December 19, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more
The Daily Mortgage Interest Rate Lock Advisory - December 18, 2008
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My Lock Advice for Today : If I were considering financing/refinancing a home, I would… Lock if my closing was taking place within 7 days Float if my closing was taking place within 8 and 20 days Float if my closing… more