The Importance of Locking in a Mortgage Rate in Today’s Homebuyer’s Market
Locking in a mortgage rate has become vitally important in today’s housing market. Home builders, buyers, and sellers in Virginia are experiencing a sales frenzy. It started a few years ago, as more people moved from big cities for life in small, rural communities—including those in Hampton Roads. Houses are selling so fast here; it is hard to get your foot in the door, make an offer and have it accepted. If you are in the market to build a home or buy a resale home, move quickly and “lock” your mortgage rate early.