I have a question. My mortgage company is offering me a protection
program. They will lock my rate to go no higher than .75% than what it
is now (5.75%), so if the rates go down, I get the lower rate, but if
the rates go higher, I would have to pay no more than 6.50%. This
would lock me for 9 months (I need 7 months). The mortgage company is
charging me 1% of my loan, so this is over $2,000 for me.

Is this a good idea to do? I'm thinking it is a lot like insurance,
where it is better safe than sorry, but $2,000+ is a lot of money if
the rates don't move higher....

Any advice would be appreciated.