If you lock in your rate, you do not have to worry about getting a different rate at the closing table other than that which you were quoted/locked in at. If you do not lock in, the actual rate will be set shortly before your closing and can be somewhat different than the original quote depending on what the mortgage market is doing at that particular time.
You see, rates fluctuate day to day. If you want to be guaranteed a rate, you need to lock in. If you are willing to take your chances, your actual rate can go up or down depending on the market at the time that you close or choose to lock in at a later date if need be.
What you should do depends on your tolerance of risk, are you a gambler? Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783