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.
8 min read
Oct 13, 2023
David McMillin
Contributor, Personal Finance
EXPERTISE
- Personal finance
- Mortgages
- Real estate
- Student loans
- Auto loans
EDUCATION
- DePauw University
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.
David's latest articles
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What is a mortgage commitment letter and how does it help buy a home?
It means you’ve got financing to buy a home — probably. But it’s far from a done deal.
8 min read Oct 13, 2023 -
What is a deed of reconveyance?
If the deed of reconveyance hasn’t been recorded, don’t panic just yet.
4 min read Oct 11, 2023 -
How much house can I afford if I make $60,000 a year?
An annual income of $60,000 will limit your options in most markets.
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Mortgage Credit Certificate (MCC): A way to help you afford your mortgage payments
Mortgage credit certificates aim to make owning a home a more affordable reality.
6 min read Oct 04, 2023 -
What is a broker price opinion (BPO)?
BPOs are normally performed by a broker familiar with the local housing market.
4 min read Oct 03, 2023 -
When should you refinance your mortgage?
Not all borrowers benefit from a refi, especially with rates rising.
6 min read Oct 02, 2023 -
VA loan pros and cons
There’s a flip side to every form of financing, and VA loans are no exception.
6 min read Sep 28, 2023