Mortgages Unlimited, Minnesota, Wisconsin, and South Dakota today's Mortgage Rates in Minnesota, Wisconsin, South Dakota

Like, Print, Forward, and Share: Mobile Site

Then follow us on
 

Daily Mortgage Interest Rate Lock Advisory

Should you lock or float a mortgage rate?

Mortgage interest rates -- just like stock prices -- change price daily and you can win or lose a little if you don't know what you are doing. The decision to float or lock an interest rate should be based on things like; when is your closing date, what reports are due out in between now and your closing date, how likely are these reports likely to move the markets, and your risk tolerance. A conversation with a professional Loan Officer who knows your personal situation is generally the person with the best advice.

For the homebuyer that has signed a purchase agreement on a new home, we almost always suggest you lock as soon as possible. The sooner you lock your rate, the less chance you have of losing in the Mortgage Rate game.

If you are refinancing, you can gamble a bit more. You are not required to do anything, so you can afford to see what the mortgage market might do. But realistically, if the interest rate you are looking at today looks good, go ahead and lock. Holding out for 1/8th - 1/4% lower interest rate, that may only equal another $10 or $15 a month is not worth the risk of rates going higher! 

If you want to gamble... go to Vegas.

I received a Rate Quote. Now what?

When buying a home or refinancing, it is common to call around to many lenders to get a rate quote. There are things you need to understand about that quote.

A simple rate quote, or online automated rate via a web site is not a guaranteed rate. More often than not, it is not accurate, but rather, it is designed to capute your attention.

Another common problem with getting a rate quote is you often get one from Lender A on Monday, Lender B on Tuesday, and Lender C on Wednesday. Rates can change daily, sometimes multiple times. Therefore unless you get all your quotes at the same time, you don't have accurate information and may end up going with the wrong company.

Many lenders purposely quote rates lower via their web sites to simply get you to stop shopping around.  This is especially true for purchase loans, as you most likely will NOT be in position to actually lock that rate today.

Be wary of anyone significantly lower interest rate or closing costs than anyone else. Mortgage loans don't work that way on any of your standard traditions loans. All lenders essentially underwrite to the same guidelines, everyones rates are based on the same bond market, and everyone has the same true closing costs.

You can pick any interest rate or closing cost you want. Just understand one always affects the other. Want lower closing costs?  Your interest rate goes up.  Want lower interest rate?  Your closing costs go up!

THE ONLY RATE QUOTE THAT MATTERS IS THE DAY YOU LOCK. .

MN WI SD Mortgage Rate Quote - No SSN Required best mortgage rates in Minneapolis

What is a Rate Lock Period? The lender will usually quote rates along with a rate lock period, usually 15, 45, or 60 days. The loan must close within this period. The longer the rate period, the higher the interest rate.

What is a Rate Lock? When you "LOCK" your interest rate with your lender, you and the lender agree this is the guaranteed rate you will receive, and that no matter what the markets do before closing, you will not be charged a higher rate if rates go up, and you will not be able to get a lower rate if rates go down. Your rate lock should be in writing.

What Does It Mean to Float? Floating your rate means means that while your loan is in progress, the rate is NOT yet guaranteed. You are taking the risk that interest rates will either not go up or that they will fall. If rates have been dropping, then you might want to take a chance that rates will be lower by the time you close your loan than they are today. Discuss the floating with your Loan Officer. Sometimes it is worth the gamble, sometimes it isn't.

First Time Home Buyer and down payment assistance programs in MN WI SD

Todays Mortgage Rates MN WI SD

Is Refinancing Right For You? Should I Pay Points?, Closing Costs Break Even, Refinance Interest Savings

Think you're getting a great deal? Get a FREE Second Opinion. Get a FREE copy of our #1 Mistake Report, and be sure to read my article on How to Shop Lenders and the proper ways of Interest Rate Shopping.

Visit out partner web sites for more information on:
VA Loans in MN | VA IRRRL Streamline refinance | Wisconsin Mortgage Brokers | Rochester MN Mortgage Loans | Duluth MN Mortgage Loans | Minnesota Home Loans | Twin City Home Loans | HARP Refinance in MN | Minneapolis Mortgage loans | St Paul Mortgage Loans | Minnesota Mortgage Real Estate Blog | Michael Metzler - Sound Designer, Video Editor - Minneapolis | FHA and VA Streamline Refinance Loan

  Equal Housing Lender

Policies, Procedures, Disclaimers

33 Wentworth Ave E - Suite 290
St Paul, MN 55118

(651) 552-3681  

Minneapolis / Saint Paul Business Journal has recognized Mortgages Unlimited as one of the top 25 locally owned mortgage lenders in Minnesota. Who are you thinking of doing business with? Top Mortgage Lenders in Minneapolis St Paul MN Follow the Metzler Mortgage Group on Facebook Follow the Metzler Mortgage Group at Mortgages Unlimited on TwitterRead The Best Minneapolis Mortgage Blog Member in Good Standings, Minnesota Mortgage Association 

Our services available only for properties located in Minnesota, Wisconsin, and South Dakota. PLEASE DO NOT KEEP US A SECRET from your FRIENDS. Licensed as Mortgages Unlimited, Inc. Nationwide Mortgage License # 225504. Joe Metzler NMLS Originator Lic # 274132. As a Lenders One partner, we are part of the 3rd Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is strictly prohibited.  All images, text, and materials 1998 - 2018 Joe Metzler. This is the private web site of Joe Metzler, NMLS #274132. All Rights Reserved.