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Mortgage Rate Lock Advice for Chicago and Oak Park – 7/26

July 26, 2010

Are you currently in the process of buying a home or refinancing in Chicago or vicinity? Trying to decide when to lock can be a stressful and difficult decision. In my job as a mortgage lender, I watch the markets daily to keep my clients abreast of changes to assist them in securing the best mortgage rate possible. Please see my recommendations below.

Short-term – LOCK as the risk outweighs the benefit. If closing in more than 15 days, however, I still recommend FLOATING, but keeping a very watchful eye on the market as it has been tumultuous lately.

Long-term – FLOAT on belief that weakness in the economy will continue supporting the possibility in continued low mortgage rates.

Click here if you would like to know more or want to talk about your individual needs

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