Getting a Low Interest Rate
Lock It In
A rate "lock" or "commitment" is a promise from the lender to set a certain interest rate and a specific number of points for you for a specified period while your application is processed. This keeps you from working through your whole application process and discovering at the end that the interest rate has gone up.
While there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would with a shorter rate lock period
Other Interest Saving Strategies
There are more ways to get a low rate, in addition to agreeing to a shorter rate lock period. A bigger down payment will get you a lower interest rate, since you're starting out with more equity. You can pay points to bring down your rate for the loan term, meaning you pay more initially. To a lot of people, this makes financial sense..
Executive Lending Group, LLC can answer questions about rate lock periods and many others. Call us at 8165258000.
Got a Question?
Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.