Some mortgage companies (including McGowan Mortgages) offer you the chance to lock in a mortgage rate. If you have that opportunity … take it.
Mortgage rates are constantly fluctuating. The biggest factor that drives their fluctuations each month is the release of the CPI Inflation Report.
If you do not lock in your rate prior to the report being released, you are at the mercy of the changes that follow. If rates go up, then you are stuck paying a higher rate.
But if you had locked in your rate before, you would be able to keep that lower rate.
How Much Can Locking in Your Rate Save You?
To give you an example involving a recent customer, she chose not to lock in a rate of 6.625. The rate then went up to 7.125. That decision ended up costing her $250 a month. As you can imagine, her regret ran deep.
You can hear the whole story here:
There is no reason to subject yourself to this kind of risk. You have nothing to lose by locking in your rate; if rates go down, you can take advantage of that rate drop. But if rates go up, at least with a rate lock, you are safe.
We Help You Lock in a Competitive Mortgage Rate
At McGowan Mortgages, we are dedicated to helping our customers save as much money as possible on their home loans with competitive mortgage rates. Rate locks are just one of the ways that we work hard to help you move into a new home while achieving your financial goals.
We can help you buy a home in Kansas City or anywhere in MO. To get started, please call (816) 631-9687. We look forward to working with you.
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