"Rate Lock" and other Ways to Get a Lower Interest Rate

Freezing the Rate

When you are offered a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate over a determined period while you work on the application process. This ensures that your interest rate will not grow during the application process.

Rate lock periods can vary in length, between fifteen to sixty days, with the longer ones generally costing more. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would have with a shorter rate lock period

More Ways to Get a Great Interest Rate

In addition to going with the shorter lock period, there are other ways you are able to attain the best rate. The larger the down payment, the smaller the rate will be, since you will be starting with more equity. You may opt to pay points to reduce your interest rate for the term of the loan, meaning you pay more up front. For many people, this is a good option..

Executive Lending Group, LLC can answer questions about rate lock periods & many others. Call us: 8165258000.