Getting a Low Interest Rate

Locking It In

A rate "lock" or "commitment" is a lender's promise to hold a certain interest rate and a certain number of points for you for a specified period during your application process. This protects you from going through your entire application process and learning at the end that the interest rate has gone up.

Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer period generally costing more. You can get a longer period for your lock, but in doing so, will likely have a higher rate than you would with a shorter period

Other Ways to Save on Interest

In addition to opting for the shorter rate lock period, there are more ways you can score the best rate. The larger down payment you can make, the lower the rate will be, since you will be starting with more equity. You can pay points to bring down your rate over the term of the loan, meaning you pay more initially. To a lot of people, this is a good option..

Executive Lending Group, LLC can walk you through the pitfalls of getting a mortgage. Call us at 8165258000.