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A rate “lock” or “commitment” is a lender’s promise to set a certain interest rate and a particular number of points for you for a specified period during your application process. This saves you from working through your entire application process and learning at the end that the interest rate has risen higher.
Rate lock periods can vary in length, between 15 to 60 days, with the longer ones generally costing more. A lender may agree to hold an interest rate and points for a longer span of time, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
In addition to choosing a shorter rate lock period, there are more ways you are able to attain the best rate. A larger down payment will result in a lower interest rate, because you’ll be starting out with a good deal of equity. You may opt to pay points to lower your rate for the term of the loan, meaning you pay more up front. To many people, this is a good option..
Mortgage Maestro Group can walk you through the pitfalls of getting a mortgage. Call us at (303) 779-0591.
Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.
Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
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