Getting a Low Interest Rate

Locking It In

When you're promised a "rate lock" from your lender, it means that you are guaranteed to get a certain interest rate for a determined period while you work on your application process. This means your interest rate won't rise during the application process.

Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer spans usually costing more. A lender may agree to hold an interest rate and points for a longer period, say 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.

More Ways to Save on Interest

There are more ways to get a lower rate, besides agreeing to a shorter rate lock period. A larger down payment will get you a lower interest rate, because you'll be starting out with more equity. You can pay points to lower your interest rate for the loan term, meaning you pay more initially. For many people, this makes financial sense..

AmeriBest Mortgage can answer questions about rate lock periods and many others. Call us: (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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