When you're offered a "rate lock" from your lender, it means that you are guaranteed to get a specific interest rate for a determined period for the application process. This ensures that your interest rate won't rise as you are going through the application process.
Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer ones usually costing more. 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 rate lock period
In addition to choosing a shorter rate lock period, there are other ways you can attain the best rate. The more the down payment, the better your rate will be, because you will have more equity from the start. You can pay points to bring down your interest rate for the loan term, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..
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