We are building a home in Prosper and the preferred lender (Supreme) offers a 9 month rate lock.
The way I understand it, we can lock in at any time and at the time of closing, they increase that locked in rate .125%
If the rate drops in that time, we get the benefit of the dropped rate (plus .125%)
1. I'm not planning on using this feature - should I consider it?
2. I know rates change daily. Is the prudent action to email the lender weekly to see where the rate is? Currently we're being offered 3.0% and I might consider locking in at 2.75, for example.
Thanks!
The way I understand it, we can lock in at any time and at the time of closing, they increase that locked in rate .125%
If the rate drops in that time, we get the benefit of the dropped rate (plus .125%)
1. I'm not planning on using this feature - should I consider it?
2. I know rates change daily. Is the prudent action to email the lender weekly to see where the rate is? Currently we're being offered 3.0% and I might consider locking in at 2.75, for example.
Thanks!