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Rates are flat today. Today’s comparison mortgage rates with no lender fees are 4.0% on a 30 year, 3.375% on a 15 year and 3.0% on a 5/1 ARM. (click here for details)

“Is now a good time to lock my loan or should I wait until after the holidays?” This is the million dollar question that I am being asked quite frequently.

Check it out in today’s video:


(Watch it on your mobile phone or email reader here)

This is a great question and here is the million dollar answer. It depends! Mortgages are very technical and there is no one right answer for any specific question. It’s all based off of your own scenario and preferences. In saying that, here are a couple of things to consider around this time of year.

When mortgage applications are down or volume is low you will see many lenders reduce their margins or costs or in some cases both to help spur more mortgage transactions. Right now is a perfect example of this. This is typically a slower time in the mortgage and real estate industry every year.

So lenders plan ahead and do whatever it takes to increase volume. This can be a great thing for you if you are ready to lock. You should take advantage of the reduced margins and reduced costs right now. Because guess what! When volume goes back up, so will margins and costs.

Don’t go with a lender that is trying to entice you with something other than reduced costs or rates. If they are trying to offer you a free phone with your mortgage transaction, keep shopping. You will be paying for that phone over the life of your loan.

So if you have an accepted offer or are in the market to refinance right now, this could be a great time for you to take advantage of some specials that lenders are running to help get you off the fence and into a new mortgage.

There are also some major indications that the costs of doing a mortgage transaction will be going up next year. So all indications say, take advantage of today low rates and don’t wait.

If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgage…forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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