Does locking your mortgage rate make sense? Or should you have a floating rate so you can take advantage of a rate drop? Here are a few things to keep in mind as you weigh your options. But first, let’s talk about what these terms mean. Locking Your Mortgage Rate vs. a Floating Rate When you apply for a mortgage, the lender will ask you early on if you want to lock in your rate. They’re essentially saying you can finalize the interest rate you’re willing to pay. From that point…
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