The topic of conversation has turned to mortgage interest rates. WOW they are really low right now! It is slightly annoying that we can't take advantage of those rates because we are at least 9 months away from closing on our mortgage. So the question of the day was: Pay to lock or float? I had no idea what either of those two things really mean, but I'm learning a lot as we go through this process. I'm forced to read and learn because I don't want to appear like I have no clue what is going on here (even though sometimes I feel like I have NO CLUE what is going on here LOL.) So I know someone who has quite a bit of knowledge about mortgages, we will call him.......Dad. He has shared with me some very important tips about locking in rates or letting your letting your rate float with the hope that it ends up in a nice low rate.
So now our question is no longer whether to lock in our rate, but when will we do it and WHERE will this money come from.
Place your bets everyone, the next few months are going to be quite a gamble in the game of interest rates!
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