Getting a Low Interest Rate

Lock It In

A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a specific number of points for you for a certain period of time during your application process. This ensures that your interest rate will not rise during the application process.

Rate lock periods can vary in length, between 15 to 60 days, with the longer spans generally costing more. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would have with a shorter period

Additional Ways to Save on Interest

There are more ways to get a good rate, in addition to choosing a shorter rate lock period. The larger down payment you can make, the better your interest rate will be, since you will have more equity from the beginning. You could opt to pay points to lower your interest rate over the loan term, meaning you pay more up front. To many people, this is a good option..

At Amity Mortgage LLC, we answer questions about this process every day. Give us a call: (203) 729-6681.

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