"Rate Lock" and other Ways to Get a Lower Interest Rate

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Locking in your Interest Rate

When you are promised a "rate lock" from a 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 saves you from going through your whole application process and learning at the end that the interest rate has risen higher.

Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer spans usually costing more. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would have with a shorter rate lock span of time

More Ways to Get a Great Interest Rate

In addition to going with a shorter lock period, there are several ways you can attain the lowest rate. The more the down payment, the better the interest rate will be, because you will have more equity from the start. You can pay points to improve your rate for the life of the loan, meaning you pay more up front. To a lot of people, this is a good option..

At American Capital Home Loans, we answer questions about this process every day. Give us a call: 760.975.0255.