
Mortgage rate lock: What it is and when you should use one
It can make sure you don’t get burned by rising interest rates before you close.
David McMillin is a contributor to Bankrate covering personal finance, including mortgages, real estate, student loans and auto loans. From budgeting tips for individuals to funding strategies for aspiring business owners, his goal is simple: to help readers figure out how to save more and stress less. As a musician, he has spent a lot of time worrying about money, as well, and he applies the lessons he’s learned from that financial balancing act to offer practical advice for personal spending decisions.
McMillin studied writing at DePauw University. He is based in Chicago and loves to discover new places. He only needs to visit four more states (Alaska, Oklahoma, Utah and Vermont) to check all 50 off his list.
It can make sure you don’t get burned by rising interest rates before you close.
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BPOs are normally performed by a broker familiar with the local housing market.
Not all borrowers benefit from a refi, especially with rates rising.
There’s a flip side to every form of financing, and VA loans are no exception.