Getting a Low Interest Rate

Locking It In

A rate "lock" or "commitment" is a lender's promise to freeze a particular interest rate and a certain number of points for you for a certain period of time during your application process. This ensures that your interest rate will not get higher as 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 ones usually costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would with a shorter span of time

Other Interest Saving Strategies

In addition to going with a shorter lock period, there are more ways you can attain the lowest rate. The bigger the down payment, the better your rate will be, since you will have more equity from the beginning. You can pay points to improve your rate for the life of the loan, meaning you pay more initially. To many people, this makes financial sense..

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