Should Orange County Home Buyers Lock Or Float

Posted by Hartanov Team on Friday, June 26th, 2009 at 1:55pm.

Mortgage interest rates have been volatile in the last couple of weeks, inching up, coming down and inching up again. This kind of volatility raises the question, ‘when to lock in an interest rate and when to float’. Locking means you are committed to a rate and you will get that interest rate regardless of what happens between the time you lock and when you close on your Orange County home. Floating means you are at the mercy of fluctuations in the market until you choose to lock your rate.The general rule of thumb is to lock your interest rate when rates dip. Could you lock and then be bummed because rates continued to fall…of course. But you could also be thankful you locked because rates increased. It’s a gamble either way. You have to decide what rate will result in a payment you can live with and then just go ahead and do it!

Most of the experts think rates will settle into a downward trend in the next few weeks and months. It might be worth floating…but then again, it might not! If you are buying an Orange County home and want more information on mortgages and interest rates, give us a call. We’re glad to talk with you about your circumstances. We are also glad to help you find the Orange County home of your dreams!

The Hartanov Team is a Professional, Experienced and Results Oriented, Top Orange County Real Estate Team committed to meeting your needs. We use the latest technology to dramatically improve the speed, efficiency and innovative capabilities of every part of the service we deliver. We specialize in offering a new level of service helping people buy and/or sell Orange County area homes, condos, Short Sales, REO and Bank Owned, investment properties and 1031 exchanges, including relocation assistance for buyers who are becoming new residents of the beautiful ocean front region of Orange County. For more infomation about buying or selling your Orange County home, please call us direct at 949.481.3739 or via email at contact The Hartanov Team.

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