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Should I lock-in my loan rate?

It's unsure how interest rates will move at any given time, but you may estimate where interest rates are headed based on the market indications and predictions. If interest rates are expected to be volatile or increasing in the near future, locking your interest rate may be best because it allows you to qualify for the loan with no risk of loosing your approval simply because rates increase, and thus your payment increases, to an unaffordable amount. IF your budget can handle a higher loan payment perhaps you are willing to take a risk and "float" in hopes of a lower rate in the coming days or weeks. At some point in a purchase loan process a borrower simple must "lock in"  in order to complete the process according to the contract terms. At some point in any loan application you must "lock in" to proceed with the transaction, however, this is at the time of your choosing based on your lender recommendations. "Locking in" is similar to buying a stock or insurance binding- you can NOT do this over the internet or via a voicemail message. Locking in an interest rate is a LIVE transaction with your lender.

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