Interest rates fluctuate frequently, often depending on the news. If you are considering refinancing your Santa Cruz home, your loan officer may suggest locking in the interest rate on your loan. There are some valid reasons why this is a good idea including:
Saving Money Over The Long-term
Over the life of a loan, an increase of as little as one-quarter of a percent can cost thousands of extra dollars. Spending a small amount of money now to lock in a rate can save money over the life of the loan. Your loan officer will explain the difference in rate increases initially, over a year and over the life of the loan.
You May Not Qualify At Higher Rates
Whether you are considering refinancing your property or you are buying a new home, you may discover