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Old 04-26-2016, 09:52 AM   #14
Mortgage Made Easy
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Quote:
Originally Posted by pseudoreality View Post
Isn't there also a concern of when you try to lock a variable to fixed, you are stuck talking to one lender who has no reason to give you his best rate? So if you go variable you need the guts to ride it out.
That is correct... usually the lenders lowest available rate is not available for when you lock in... it is usually 0.10% higher than their current going rate OR even higher.

You're correct that they do not have to offer you their best and lowest rate.

And under most circumstances, I would agree... let it ride. But more importantly, adopt a strategy right from the get go and let it ride if you take variable... this will give you more control and confidence. However, there is always an exception where locking in is a good move.
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