Getting a Low Interest Rate

What is a Rate Lock?

When you're offered a "rate lock" from the lender, it means that you are guaranteed to get a specific interest rate for a determined period for the application process. This keeps you from getting through your entire application process and discovering at the end that the interest rate has gone up.

Rate lock periods can vary in length, between fifteen to sixty days, with the longer spans typically costing more. A lending institution may agree to lock in an interest rate and points for a longer period, such as 60 days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of fewer days.

Other Interest Saving Strategies

There are more ways to get a reduced rate, besides choosing a shorter rate lock period. A larger down payment will give you a reduced interest rate, because you'll be starting out with more equity. You can pay points to reduce your rate over the term of the loan, meaning you pay more initially. To a lot of people, this is a good option..

AmeriBest Mortgage can answer questions about rate lock periods & many others. Call us at (321) 777-7277.

Got a Quote Elsewhere?

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!

Got a Quote Elsewhere?