The rate lock conundrum is the basis of angst for every borrower that I have ever had. After all, this is a choice that is going to have an effect on your finances for a considerable amount of time. On the one hand, there is desire to secure the best possible rate, which requires exposure to risk in an effort to time the market perfectly. On the other hand, there is the desire to eliminate uncertainty by simply choosing a rate that you can afford to ensure the viability of your transaction. This may initially seem impossible. When you understand how the market determines rates, however, you can strike the needed balance between these opposing requirements and secure a favorable rate.
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