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

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Locking It In

When you are offered a "rate lock" from your lender, it means that you are guaranteed to keep a specific interest rate for a certain number of days while you work on the application process. This keeps you from working through your whole application process and learning at the end that the interest rate has gone up.

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

More Ways to Save on Interest

In addition to opting for a shorter rate lock period, there are more ways you may be able to attain the lowest rate. A bigger down payment will result in a reduced interest rate, since you will have more equity from the beginning. You might choose to pay points to bring down your interest rate for the loan term, meaning you pay more up front. One strategy that is a good option for some is to pay points to improve the rate over the life of the loan. You'll pay more up front, but you'll save money, especially if you don't refinance early.

VENTURE DEVELOPMENT INC can walk you through the pitfalls of getting a mortgage. Call us: 952-929-2577.


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