Getting a Low Interest Rate
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Locking in your Interest Rate
When you're offered a "rate lock" from the lender, it means that you are guaranteed to get a set interest rate over a certain number of days while you work on your application process. This ensures that your interest rate cannot rise as you are going through the application process.
Although there are several lengths of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. You can get a longer period for your lock, but in making this choice, will probably have a higher rate than you would have with a shorter rate lock span of time
Other Interest Saving Strategies
There are more ways to get a low rate, besides opting for a shorter rate lock period. A bigger down payment will give you a better interest rate, since you will have more equity from the beginning. You might opt to pay points to reduce your interest rate over the loan term, meaning you pay more initially. To many people, this makes financial sense.
Agape Home Mortgage, LLC can answer questions about rate lock periods and many others. Call us: 503-243-5626.