Getting a Low Interest Rate

Lock It In

When you're promised a "rate lock" from your lender, it means that you are guaranteed to get a set interest rate for a determined period while you work on the application process. This means your interest rate can't go up while you are working through the application process.

While there are various lengths of rate lock periods (from 15 to 60 days), the longer spans are usually more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would have with a shorter period

Other Ways to Save on Interest

There are other ways to get a better rate, besides choosing a shorter rate lock period. A bigger down payment will result in a lower interest rate, because you'll have more equity at the start. You can pay points to lower your rate for the life of the loan, meaning you pay more initially. One strategy that makes financial sense for many people is to pay points to reduce the interest rate over the term of the loan. You'll pay more initially, but you'll save money, especially if you don't refinance early.

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

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Please answer the following questions to the best of your knowledge but it must be accurate in order to compare it to the offer you currently have. We hope to $ave you hundreds if not thousands of dollars over the life of your loan. If we can't than you'll be able to sleep better tonight knowing you got the best deal - today!

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