Getting a Low Interest Rate

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Lock It In

When you are promised a "rate lock" from a lender, it means that you are guaranteed to keep a specific interest rate over a certain number of days while you work on the application process. This ensures that your interest rate will not get higher during the application process.

Although there can be a choice of rate lock periods (from 15 to 60 days), the longer ones are typically more expensive. A lender can agree to hold an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.

More Ways to Save on Interest

There are other ways to get a good rate, in addition to going with a shorter rate lock period. The bigger down payment you pay, the smaller the rate will be, because you will have more equity from the start. You could choose to pay points to reduce your interest rate over the term of the loan, meaning you pay more initially. For many people, this makes sense and is a good deal..

Commonwealth Mortgage & Investments, Inc. can answer questions about rate lock periods & many others. Call us: 8047689519.