All About VA Mortgage Rate Locks

It is impossible to determine what mortgage rate you will receive. If you are worried about rates increasing, lock in your rate at the time of application. One alternative to that is to choose a floating rate. This means that interest rates could be higher or lower by the time of closing, and is better for those borrowers who can stand some risk. Be sure to ask questions to know what you are getting into, such as how long the lock-in rate is good for, is there a fee or charge associated with the lock-in rate, and last but not least, get everything in writing. Read the full article here: