When you go to apply for a home loan, you must choose between locking the interest rate at application, letting the interest rate "float" until closing, or select some type of float-down program, depending on the lender.

When purchasing, its usually better to lock your rate; locking a rate can especially help with your peace of mind- so that if you know you'll lose sleep over a floating rate, you should probably lock.

A good mortgage specialist can advise you as to when is a good time to lock. But no matter what you decide, make sure to get a copy of the confirmation.

A mortgage professional should be able to explain, if asked, why they are recommending locking or waiting to lock. Mortgage professionals have access to a variety of tools and information. They should understand how different factors in our economy influence one another - and how these affect the movement of mortgage rates.

When you decide to lock the rate in make sure you get a copy of the confirmation. There are several things you will want to check on the confirmation besides the interest rate. You will also want to check when the rate lock expires. Make sure that the expiration is after your scheduled closing date, if it is a refinance it must be after the rescission period ends

A good Mortgage professional will determine the best time to lock in an interest rate. Some lenders have a program called rate protection. This allows borrowers to lock in a rate but give them the option of relocking if the rate decreases before closing.