Getting a Low Interest Rate
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Lock It In
When you are offered a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate over a certain number of days for the application process. This means your interest rate cannot rise while you are working through the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer period usually costing more. A lending institution may agree to hold an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
More Ways to Get a Great Interest Rate
In addition to opting for a shorter lock period, there are other ways you are able to get the lowest rate. The more the down payment, the better the rate will be, since you will be starting with more equity. You may choose to pay points to lower your interest rate over the term of the loan, meaning you pay more initially. To a lot of people, this makes financial sense.
Hayes Home Loans can answer questions about rate lock periods and many others. Give us a call at 918-633-9916.