Getting a Low Interest Rate
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What is a Rate Lock?
A rate "lock" or "commitment" is a promise from the lender to lock in a specific interest rate and a specific number of points for you for a specified period of time during your application process. This means your interest rate can't rise during the application process.
While there might be a choice of rate lock periods (from 15 to 60 days), the longer spans are generally more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would have with a shorter period
More Ways to Get a Great Interest Rate
In addition to choosing a shorter lock period, there are other ways you can attain the best rate. A bigger down payment will result in a lower interest rate, since you will be starting out with more equity. You can pay points to lower your interest rate over the loan term, meaning you pay more up front. For many people, this is a good option..
Mortgage Team America can walk you through the pitfalls of getting a mortgage. Give us a call: (949) 837-1559.