Lock in your mortgage rate

Once you’ve shopped around for the best mortgage rate and negotiated the terms of your mortgage, ask your mortgage lender or broker for a written lock-in to protect you from an increase in the rate while you complete the mortgage process. You may have to pay a fee for locking in the mortgage rate; if so, ask if you can get a refund of the fee at the closing of the mortgage. Also, if mortgage rates decrease rather than increase before closing, see if you can negotiate for some kind of break from the mortgage lender or broker.

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