On "Float" vs. "Lock"

Whether you're buying a home in Cincinnati or refinancing one, there's several ways to make a play for lower mortgage rates or fewer loan fees. (1) Have a higher credit score, (2) Make a larger downpayment, (3) Do your Good Faith Estimate homework. But, sometimes, the easiest way to save money on your mortgage is to pick a better closing date.

Whether you're buying a home in Cincinnati or refinancing one, there's several ways to make a play for lower mortgage rates or fewer loan fees. (1) Have a higher credit score, (2) Make a larger downpayment, (3) Do your Good Faith Estimate homework. But, sometimes, the easiest way to save money on your mortgage is to pick a better closing date.

Aside from mortgage rates, there's other factors that account for your final mortgage approval and none of them are within your control. Rates may fall back to 4.500 percent at some point in the future, but when they do, you might not be able to take advantage. Here's 9 things that can go wrong.

What's the difference between a good mortgage rate and a great mortgage rate? Timing.

There's an old adage: Mortgage rates take the elevator on the way up, but take the stairs on the way down. Lately, we've even seen this IRL. There have been days where rate are up by as much as half-percent as investor flee from the bond market, but when rates recover lower, they seem to be dropping just an eighth of a percent at a time.

Whether you're buying a home in Cincinnati or refinancing one, there's lots of ways to make a play for lower mortgage rates or fewer loan fees.

1. Have a higher credit score
2. Make a larger downpayment
3. Do your Good Faith Estimate homework

But, sometimes, the easiest way to save money on your mortgage is by picking a better closing date.

It's all about Rate Lock Commitments.

Excuse the rerun, but this post first ran in December 2008. It's still relevant and worth a re-read. I've made some updates to reflect today's market but the song remains the same. Mortgage rates have followed an interesting pattern lately that I'm dubbing the Plunge-and-Surge. In Plunge-and-Surge...

Read the full post at http://www.themortgagereports.com

Proof: Mortgage Rates Are "Expiring" Within Hours

What Aristotle Can Teach Us About Locking Mortgage Rates Instead Of Floating Them

I lose sleep when I think about how much money people lose by not locking sometimes. If we can learn anything from the 5 Plunge-and-Surges since last year, it's that the best time to act on plunging mortgage rates is often right away. That said, it's perfectly reasonable to look at the frequency...

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