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Homebuyers Beware: Who’s Ripping You Off Now?—What You Must Know About the New Rules of Mortgage and Credit by Carolyn Warren

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18. When to Lock in Your Rate, When to Float

I’ve heard a lot of jokes about forecasting interest rates. Such as, when people ask you what rates are going to do, tell them to call the psychic hotline at 1-800-NOBODY-KNOWS. Or, tell them to wait just a minute while you consult your crystal ball.

If you don’t like those strategies, then you can do what I do and look at the current market, recent interest rate history, and what indicators are coming up—in that order—then make the best decision you can. (Details about the indicators are discussed later in this chapter.) To avoid the uncertainty of a changing market, locking in your interest rate will give you peace of mind. Here’s how it works...

To Avoid Being Victim of a Changing Market, Lock ...

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