Ingrid B. Quinn

NMLS ID #211652 Arizona, Loan Consultant

To Lock or Not to Lock

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money lock

As a loan officer, I am supposed to be an expert in the mortgage rates market. If I could predict where rates were going, I’d be making millions on Wall Street. I do try to follow trends, listen to other market experts a lot smarter than me, and watch the economic news. Rates have been at historic lows for the past 3-4 years.

My first mortgage was 13.75% and I started selling money when it was 14.875%. I try to give people a little perspective. Rates were in the teens in the 80s, dropped to the 6 percent range in the 90s and then in the summer of 2000 hit high 8 percentages. So when clients ask me if they should lock I usually tell them it’s a good idea. Most clients are not in tune with rate movements, market conditions and economics at play to wager on the rate. It will keep them awake at night, distract them at work and they will kick themselves if they don’t make the right decision.
Again, with rates still at historic lows, locking today is a good idea.

Author: ibquinn

I am a Senior Loan Officer at Caliber Home Loans, with over 32 years of Mortgage Banking experience. I have the expertise and knowledge to help focus in on your homeownership goals and make them into reality. My team of experienced mortgage professionals and I can assist you in all steps of the home buying process and ensure that you have a smooth and hassle-free transaction. Caliber cannot accept mortgage loan applications or inquiries for properties located in New York through this site. Ingrid Quinn NMLS #211652 BK#0923637 www.ScottdaleMortgageExpert.com

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