Getting a Low Interest Rate
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Locking It In
When you are promised a "rate lock" from the lender, it means that you are guaranteed to get a certain interest rate over a determined period for your application process. This protects you from going through your whole application process and discovering at the end that the interest rate has risen higher.
Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer period 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 have with a shorter span of time
More Ways to Get a Great Interest Rate
In addition to choosing the shorter lock period, there are more ways you can score the lowest rate. The larger the down payment, the better the rate will be, because you will have more equity from the beginning. You may choose to pay points to lower your interest rate for the loan term, meaning you pay more initially. One strategy that is a good option for many people is to pay points to bring the rate down over the life of the loan. You pay more initially, but you will come out ahead in the end.
Ace One Mortgage LLC can answer questions about rate lock periods & many others. Give us a call: 866-313-0412.