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Alex Caragiannides talks about whether you should lock or float.

All loans are locked in at some point prior to closing, but should you do it earlier or later? Consider the following points to help you decide.

Locking In sets or "locks" the interest rate of your loan for a specific number of days. Typical locks run in 15-day increments up to 60 or 90 days. Once set, it's important for your loan to close within that period, and hence, locking is safe only if you're sure of the closing date.

Floating is the opposite of locking in and simply means your rate is not yet set. It's "floating" with the market. If rates are moving down, you can benefit. If rates are moving up, your rate will, too.

Which is best? Unfortunately, "best" can be defined only after the fact. If you float your rate until the last moment and rates fall, you win. If rates rise unexpectedly, you have a higher rate and payment. No one knows for sure which way rates will go. Often, "best" is better determined by your peace of mind. If you will sleep better at night by locking, go ahead. If you're comfortable with some strategic risk and think rates will fall, then float.

Still undecided? It may help to realize that very few people ever lock at the perfect time. The market is always moving, and there are just too many influences that cannot be predicted. It's also good to know that once your loan has closed, it's usually easy to refinance if rates end up moving lower. If rates rise, then you can be comfortable in knowing you secured your rate at the right time.

Bottom line: The difference in rates from offer to close is usually pretty small. Since none of us can predict the future, simply do what will give you the least stress during this process.

For more information, please contact The Alex Caragiannides Lending Team at http://www.mylenderalex.com

Alex has been in the mortgage business for over 14 years as a loan officer and branch manager and has helped over 2000 families get the best financing on their home loan. He believes in old school philosophies of doing business and incorporates new school strategies to help his clients reach their goals.

For those of you who don’t already know him, he has a great passion for his work and his wife and kids. From the way, he answers his telephone (or return calls), to his commitment to delivering what he says, you will see that he's dedicated to providing nothing less than a “Red Carpet” mortgage experience for you! He believes you should play as hard as you work and life is meant to be enjoyed. One of his favorite quotes is from Zig Ziglar: “You can have everything in life that you want if you will just help enough other people get what they want.” That’s his goal, that’s his passion.