I want to wait — rates might go down
Handle rate timing pressure when mortgage shopping. Know when to lock rates and when to wait.
What You'll Learn in This Chapter
- Why lenders create urgency about rate timing to push you toward immediate commitment
- How to evaluate rate timing decisions without falling for pressure tactics
- Scripts to maintain your shopping timeline while collecting competitive written offers
You tell a lender you want to wait because rates might go down. The lender responds: "Are you sure rates will go down, or are you just hoping they will? What if rates go up instead?"
But, here's what's really happening...
Rate Timing Pressure is a tactic where lenders create urgency by emphasizing the risk of rates going up while you wait. The loan officer's process is to frame waiting as gambling, making you feel like you're taking an unnecessary risk by not locking in immediately—ideally with them, before you've collected competitive offers.
As a shopper, your counter-process is to recognize that lenders who pressure you about timing are trying to rush your decision before you've compared written offers. Rate movements affect ALL lenders equally. The lender pressing you to lock in now would benefit equally if rates dropped tomorrow—but they'd prefer you commit before seeing competitive offers. When lenders warn about rate timing, they're revealing they'd rather rush your commitment than compete on price.
Now that you understand the tactic, let's look at how most people fall into the trap.
➡ How People Get Trapped
Most people respond with:
You're right, I don't want to risk rates going up. Let me lock in with you now.
Don't do that.
When you commit to a lender out of fear about rate timing, you've made a decision without comparing competitive offers. The lender's warning about rising rates is legitimate—rates do fluctuate—but that warning doesn't make their offer better. By rushing to lock in before collecting written Loan Estimates, you're ensuring you'll never know if you overpaid.
Make timing decisions after comparing offers, not before.
➡ What You Should Say Instead
I understand your concern about rate timing, and I'm considering that as part of my decision. I'd like to get written Loan Estimates from a few lenders to compare current rates, then I can make an informed decision about timing. Can you provide me with a written Loan Estimate?
Here's why this is the right approach:
- Acknowledges timing risk without making premature commitments
- Separates rate shopping from timing decisions
- Forces the lender to compete with a written offer before discussing urgency
- Recognizes that ALL lenders would benefit from rate drops equally
The script treats timing warnings as legitimate concerns that should be addressed AFTER you've collected competitive written offers, not before.
➡ See The Mortgage Script in Action
➡ Key Takeaway
Rate timing affects all lenders equally. Collect written Loan Estimates first, then make timing decisions based on competitive offers—not fear of what rates might do tomorrow.
Related Mortgage Resources
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Home Affordability Calculator
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