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Home Loans Advisor 10 Gotcha’s When Getting a Mortgage Part 4 > 4. An additional charge to lock-in an interest rate and discount points. · Since rates fluctuate daily, most lenders offer a lock-in policy that guarantees the quoted interest rate and points will not change for a specified number of days. By paying a one time lock-in fee one may be able to save thousands of dollars, if the interest rate rises during the time one is locked in. Basically, if the interest rate fluctuates and your loan is not locked in, your monthly payments will rise, as well as the overall cost of the home. This could be detrimental if the price of the home lowers...then you have a home on the market worth the decrease value, which may be less than what you paid for it. This will hurt you when you go to sell or refinance. The only way to help prevent this is to request a fix home loan. However, a fixed rate will be harder to obtain without cash for down payment and closing costs. Interest rates have been at a record low, but now are staring to increase. This leads to instability and in the past, in just a few years, interest rates have risen 7.5% to 15%. With this type of increase, your monthly mortgage payment could increase drastically, making it hard for you to stay in your home. |
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