Getting a Low Interest Rate

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Lock It In

When you're offered a "rate lock" from your lender, it means that you are guaranteed to keep a set interest rate for a certain number of days for your application process. This ensures that your interest rate can't rise during the application process.

While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. A lender can agree to freeze an interest rate and points for a longer span of time, say sixty days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of fewer days.

Additional Ways to Save on Interest

There are other ways to get a reduced rate, besides opting for a shorter rate lock period. The larger down payment you can make, the better your rate will be, because you will be starting with more equity. You may opt to pay points to bring down your rate over the loan term, meaning you pay more up front. For many people, this makes sense and is a good deal..

At Home Pointe Mortgage Company, we answer questions about this process every day. Give us a call at (770) 220-2800.