Dashboard Forums 9. Control your lock My loan officer tells me he knows best when to lock…

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  • Bob Schmidt
    Participant
    Post count: 3

    I found the information really interesting in this section. My loan officer swears I should wait for him to tell me when to lock. Should I take his advice?

    nhamilton
    Keymaster
    Post count: 13

    Hi, some loan officers subscribe to paid services that claim to give “market information” that they can pass along to their clients on when to lock. This gives the illusion that they know something that you don’t know, so that you stay with them and they seem authoritative. As you’ll see in the main lock section, no one can predict the future of rates, so if you have a rate that is good, it is really the terms that dictate whether you should lock or not. If you lock, can you take advantage of an even lower rate if the rates fall? What is the cost of the lock for different durations, etc.? The devil is in the details.

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