Why I stopped worrying about rates and just locked in at 6.8%

I was sitting at a closing table in Phoenix last Tuesday, ready to bail on the whole deal because I kept thinking rates would drop next month. The loan officer just looked at me and said "you're gambling your roof over a half point." That hit different. My neighbor waited six months for a better rate and ended up paying 7.2% because his credit shifted. Has anyone else just pulled the trigger when the numbers made sense for your actual situation?

2 comments

2 Comments

wright.kevin9d ago

Yeah man, that loan officer hit you with the truth. Good call locking in when you did.

tyler4929d ago

I used to be the kind of person who thought locking in a rate early was just a way for the bank to trap you. Always figured you could wait and catch a better deal if you kept your eyes open. But after watching rates climb the way they did last year, I sure changed my tune. Kevin is right, @wright.kevin, that loan officer did you a real favor by telling you the plain truth. Sometimes having a bird in the hand is worth a whole lot more than hoping for two in the bush.