Put together a list of questions regarding your loan program
If you do not completely realize the pros and cons of the various loan programs, be sure you have a list of questions with you. I or one of my lender contacts will be able to help you understand the advantages and disadvantages of both programs, because it's hard to understand the distinctions between fixed and adjustable rate mortgages.
Decide when you want to lock
Locking in indicates that the lender keeps to the mortgage interest rates for the loan – typically at the time the loan application is received. By floating the rate, you can lock the rate anytime between the day of your loan application and closing. Those who opt to float conclude that the interest rates will fall in the near future. Click here to see the outlook for the next 90 days of interest rates.