{"id":114,"date":"2021-04-29T19:57:12","date_gmt":"2021-04-29T19:57:12","guid":{"rendered":"https:\/\/ebwmtg.com\/blog\/?p=114"},"modified":"2021-04-30T13:24:01","modified_gmt":"2021-04-30T13:24:01","slug":"locking-vs-floating-a-mortgage","status":"publish","type":"post","link":"https:\/\/www.ebwmtg.com\/blog\/locking-vs-floating-a-mortgage\/","title":{"rendered":"Locking vs Floating a Mortgage"},"content":{"rendered":"\n<p>The age-old question of \u201cLock or Float?\u201d is typical in the mortgage industry. Mortgage brokers get asked this question frequently by first-time home buyers. The answer to this question will determine the mortgage rate borrowers ultimately receive.<\/p>\n\n\n\n<p>Interest rates dictate monthly payments for up to 30 years (without refinancing), so this option should not be taken lightly. When you apply for a mortgage, you will be given the option to either lock or float your interest rate. Read on to discover some differences between the two.<\/p>\n\n\n\n<p><strong>Lock<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Interest rate won\u2019t change as long as you fund your loan prior to the expiration<\/li><li>Guaranteeing yourself a specific interest rate that will remain<\/li><li>Doesn\u2019t obligate you to go through with the loan but promises a specific rate<\/li><li>Refinancing is best because the schedule for closing the loan depends on the lender<\/li><li>Doesn\u2019t work as well for borrowers who are buying a home<\/li><\/ul>\n\n\n\n<p><strong>Float<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Rates might rise and fall until you finally lock in your interest<\/li><li>Ability to take advantage of a lower rate if it comes up, but you must be vigilant<\/li><li>Better choice for home buyers<\/li><li>Ensure you know exactly what the float rate will be based on<\/li><\/ul>\n\n\n\n<p><strong>The mortgage experts at EB Mortgage can advise you on which move to make. Contact us to learn more.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-media-text alignwide is-stacked-on-mobile\" style=\"grid-template-columns:27% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"683\" height=\"1024\" src=\"https:\/\/ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-683x1024.jpg\" alt=\"\" class=\"wp-image-118 size-full\" srcset=\"https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-683x1024.jpg 683w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-200x300.jpg 200w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-768x1152.jpg 768w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-1024x1536.jpg 1024w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-1365x2048.jpg 1365w, https:\/\/www.ebwmtg.com\/blog\/wp-content\/uploads\/2021\/04\/EB-Mortgage-NS2-4-21-POSTED-1-scaled.jpg 1707w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"has-normal-font-size\"><a href=\"https:\/\/ebwmtg.com\/\">EB Mortgage<\/a> is a locally-owned mortgage company with experts in new home purchase, refinancing, and commercial loans. Our wholesale rates can\u2019t be beaten. We offer more products, more options, and more solutions. Our \u201c3C\u201d Process is simple: complete our pre-approval request, consider options based on your requirements, and choose the offer that suits your needs best. Call us at <a href=\"tel:8662460516\">866-246-0516<\/a> or e-mail <a href=\"mailto:contact@ebwmtg.com\">contact@ebwmtg.com<\/a> today.<\/p>\n<\/div><\/div>\n\n\n\n<p><\/p>\n\n\n\n<p><em>Written by the digital marketing staff at Creative Programs &amp; Systems: <\/em><a href=\"http:\/\/www.cpsmi.com\"><em>www.cpsmi.com<\/em><\/a><em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The age-old question of \u201cLock or Float?\u201d is typical in the mortgage industry. Mortgage brokers get asked this question frequently by first-time home buyers. The answer to this question will determine the mortgage rate borrowers ultimately receive. Interest rates dictate monthly payments for up to 30 years (without refinancing), so this option should not be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-114","post","type-post","status-publish","format-standard","hentry","category-mortgages"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Locking vs Floating a Mortgage - Blog | EB Mortgage<\/title>\n<meta name=\"description\" content=\"Locking vs Floating a Mortgage - Check out our blog to learn the latest and greatest events regarding new home purchasing, refinancing, and commercial loans.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ebwmtg.com\/blog\/locking-vs-floating-a-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Locking vs Floating a Mortgage - 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