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

Locking in your Interest Rate

A rate "lock" or "commitment" is a promise from the lender to freeze a specific interest rate and a specific number of points for you for a specified period of time during your application process. This means your interest rate can't grow during the application process.

Rate lock periods can vary in length, 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 probably have a higher interest rate than you would have with a shorter span of time

Other Interest Saving Strategies

In addition to going with a shorter lock period, there are other ways you can score the lowest rate. The larger down payment you pay, the better your interest rate will be, as you will have more equity from the start. You can pay points to reduce your interest rate for the life of the loan, meaning you pay more initially. For a lot of people, this is a good option..

AmeriBest Mortgage can walk you through the pitfalls of getting a mortgage. Give us a call at (321) 777-7277.

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