Getting a Low Interest Rate

Lock It In

A rate "lock" or "commitment" is a promise from the lender to hold 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 go up as you are going through the application process.

Rate lock periods can be various lengths of time, between 15 to 60 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 period

More Ways to Get a Great Interest Rate

In addition to going with the shorter lock period, there are several ways you can score the lowest rate. The more the down payment, the smaller the rate will be, as you will have more equity from the start. You can pay points to lower your interest rate over the life of the loan, meaning you pay more up front. For many people, this is a good option..

At Stepping Stone Mortgage, we answer questions about this process every day. Give us a call at 5416833300.