A guide to locking in mortgage rates when interest rates are volatile. The speaker explains how using multiple lenders can help you secure the best available rate instead of settling for whatever one bank offers.
One way we're able to help in a volatile rate environment like we're in today is by using the wide variety of banks and lenders to our clients advantage. And what I mean by that, let's say you're buying a house, you're closing in 60 days and you have to lock the interest rate in. Well, is it best to take a 60 day rate lock, which is a little bit more expensive than any place's 30 day rate lock, but you're protected from the market, or should you wait until you get 30 days out from closing and then lock in the interest rate? You get the best deal at that time, but who knows what that deal will look like at that time. What we can do is that's a little bit different. We can do both. Most banks and lenders can't. Once you lock, you lock once and that's it. So you have to guess right what we can do. We lock you in for 60 days, you're protected, one of our 200 lenders is spoken for, but then you get 30 days out. We can go back and relook at the other 199 lenders and compare. Was that 60 day rate lock better or should we lock in a 30 day rate lock at that given time? That's the advantage of McGowan mortgages.
