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Mortgage Rate Lock Advice for Chicago and Oak Park – 7/28

July 28, 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 but markets could begin to shift and you should be ready if they do. I would keep vigilant over the next few days.

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

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