Getting a Low Interest Rate

What is a Rate Lock?

When you are offered a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate over a determined period while you work on the application process. This means your interest rate won't get higher during the application process.

Although there might be a choice of rate lock periods (from 15 to 60 days), the longer ones are typically more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would have with a shorter period

Other Ways to Save on Interest

There are more ways to get a low rate, besides agreeing to a shorter rate lock period. A bigger down payment will get you a reduced interest rate, because you will have more equity at the start. You could opt to pay points to reduce your rate for the loan term, meaning you pay more initially. For a lot of people, this is a good option..

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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St. Augustine, FL 32084