When you are promised a "rate lock" from your lender, it means that you are guaranteed to keep a certain interest rate over a determined period for the application process. This keeps you from getting through your entire application process and finding out at the end that the interest rate has risen higher.
Rate lock periods can vary in length, anywhere from 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 most likely have a higher rate than you would with a shorter rate lock period
In addition to choosing a shorter rate lock period, there are several ways you can score the best rate. A bigger down payment will result in a better interest rate, because you will have a good amount of equity at the start. You can pay points to reduce your rate over the loan term, meaning you pay more up front. To many people, this makes sense and is a good deal..
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