When you're offered a "rate lock" from a lender, it means that you are guaranteed to get a set interest rate over a determined period while you work on the application process. This means your interest rate will not go up during the application process.
Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer period typically costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher rate than you would with a shorter period
There are more ways to get a low rate, besides going with a shorter rate lock period. The bigger down payment you make, the better your interest rate will be, because you will have more equity from the start. You might opt to pay points to bring down your rate for the loan term, meaning you pay more up front. To a lot of people, this is a good option..
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