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Updated about 7 years ago on . Most recent reply

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4
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Ruben Reed
  • Rental Property Investor
  • Chicago, IL
0
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4
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Should I purchase a rate lock?

Ruben Reed
  • Rental Property Investor
  • Chicago, IL
Posted

Hello everyone. I need advice on rate locks. I understand the purpose of them, however I don’t feel that they are always necessary. I have a suspicion that my lender is trying to get me to spend more money. He is charging me $2400 for the rate lock. I feel that’s a bit too much, especially since my closing date is May 30th. My interest rate is already high due to my recovering credit score so what am I protecting? I honestly can’t afford to go into my reserves anymore. should I purchase a rate lock or not? Any advice would be appreciated. Thanks 

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