Getting a Low Interest Rate

Locking It In

A rate "lock" or "commitment" is a lender's promise to set a certain interest rate and a particular number of points for you for a certain period during your application process. This means your interest rate won't rise as you are working through the application process.

While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in making this choice, will likely have a higher interest rate than you would with a shorter period

Other Interest Saving Strategies

In addition to choosing the shorter lock period, there are other ways you are able to get the best rate. A bigger down payment will get you a lower interest rate, because you are starting out with more equity. You can pay points to reduce your rate for the life of the loan, meaning you pay more initially. To a lot of people, this makes financial sense..

At Amity Mortgage LLC, we answer questions about this process every day. Call us at (203) 729-6681.

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