Tom Kelly The Real Estate Adviser

October 30, 2008

The Real Estate Adviser: Should you lock loans in this crazy market?

Loan rates have been as staccato as the stock market. After the longer process of loan approval, when do you lock the loan rate? Will your 6.5 percent fixed-rate loan go up if you don't lock it today or should you gamble on the hope of a possible tick downward?

There was a time, not long ago, when rate locks were not a part of the conventional loan package. Borrowers had to pay for a lock, in addition to the loan origination fee.

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Previous columns:

• The Real Estate Adviser: When in doubt, remodel home to meet your needs, 10-23-2008
• The Real Estate Adviser: Home improvements just for your family, 10-16-2008
• The Real Estate Adviser: Option ARM: the loan that took down WaMu, 10-09-2008
• The Real Estate Adviser: WaMu's mortgage troubles started in '96, 10-02-2008
• The Real Estate Adviser: Foreclosure scams are on the increase, 09-25-2008
• The Real Estate Adviser: Niche lenders target U.S. buyers in Mexico, 09-18-2008
• The Real Estate Adviser: Reading the fine print on reverse mortgages, 09-11-2008
• The Real Estate Adviser: Use your retirement funds to buy investment property, 09-04-2008