What is a "rate lock period"?

Locking It In

When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a set interest rate over a certain number of days for the application process. This ensures that your interest rate won't get higher during the application process.

Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer period generally costing more. You can get a longer period for your lock, but in making this choice, will likely have a higher rate than you would with a shorter rate lock period

Other Interest Saving Strategies

There are more ways to get a good rate, in addition to choosing a shorter rate lock period. A bigger down payment will give you a better interest rate, since you'll have more equity from the beginning. You might opt to pay points to improve your rate for the loan term, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..

At AmeriBest Mortgage, we answer questions about this process every day. Call us: 3217777277.

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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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