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For consumers and borrowers looking to secure a mortgage, locking in to the lowest rate possible is critical to your success. A mortgage rate lock enables borrowers to lock in the original rate that they were quoted when they first applied for a loan from their lender. Not all lenders allow borrowers to lock in their rates, but those who do will usually allow for a rate lock at the beginning, when the loan is filed, or during the application process. Most borrowers prefer to lock in their rates when they first submit the loan, since this will protect them from potential rate or point increases that may occur during the home loan application process. If you've been mortgage shopping, you've probably seen a lot of interest rates – some lower than others. You've probably also been following news reports about the recent increase in rates, and even though rates are still near record lows, it's pretty obvious that now is the time to take out a new mortgage or refinance an existing one. Of...
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