Getting a Low Interest Rate
Are you looking for a mortgage? We'd be thrilled to discuss your mortgage needs! Give me a call today at 623-202-3142. Want to get started? Apply Online Now
Locking It In
When you are offered a "rate lock" from a 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 won't grow while you are going through the application process.
Rate lock periods can vary in length, between 15 to 60 days, with the longer spans typically costing more. The lender may agree to freeze an interest rate and points for a longer span of time, such as sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.
Other Interest Saving Strategies
In addition to opting for the shorter lock period, there are several ways you are able to score the best rate. A larger down payment will result in a better interest rate, since you'll have a good deal of equity at the start. You can pay points to reduce your interest rate over the loan term, meaning you pay more up front. To a lot of people, this is a good option.
I can walk you through the pitfalls of getting a mortgage. Give me a call: 623-202-3142.