"Rate Lock" and other Ways to Get a Lower Interest Rate

Locking in your Interest Rate

When you are promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate over a certain number of days for your application process. This means your interest rate won't rise as you are working through the application process.

Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer ones generally costing more. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would have with a shorter period

Other Ways to Save on Interest

In addition to opting for a shorter rate lock period, there are more ways you can attain the best rate. A larger down payment will give you a reduced interest rate, because you're starting out with more equity. You could choose to pay points to bring down your rate over the loan term, meaning you pay more initially. For many people, this makes financial sense..

Bright Vision Mortgage can answer questions about rate lock periods and many others. Give us a call at (904) 342-3622.

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