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

Lock It In

When you're promised a "rate lock" from a lender, it means that you are guaranteed to keep a specific interest rate over a certain number of days for your application process. This saves you from working through your whole application process and finding out at the end that your interest rate has gotten higher.

Although there are several lengths of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. A lender can agree to lock in an interest rate and points for a longer span of time, like sixty days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.

More Ways to Get a Great Interest Rate

There are more ways to get a better rate, besides agreeing to a shorter rate lock period. A larger down payment will result in a reduced interest rate, since you will be starting out with a good deal of equity. You can pay points to bring down your interest rate for the loan term, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..

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

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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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