Getting a Low Interest Rate

What is a Rate Lock?

A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a specific number of points for you for a specified period of time during your application process. This ensures that your interest rate can't grow while you are working through 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 doing so, will probably have a higher rate than you would with a shorter rate lock period

More Ways to Save on Interest

There are more ways to get a good rate, besides agreeing to a shorter rate lock period. The larger down payment you make, the lower your interest rate will be, since you will have more equity from the start. You might opt to pay points to improve your interest rate for the term of the loan, meaning you pay more initially. For many people, this makes financial sense..

At Selectplus Lending, we answer questions about this process every day. Give us a call at (818)645-7035.

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