Getting a Low Interest Rate

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Locking It In

When you're offered a "rate lock" from a lender, it means that you are guaranteed to keep a particular interest rate for a determined period for your application process. This means your interest rate won't go up while you are going through the application process.

Rate lock periods can vary in length, between fifteen to sixty days, with the longer ones usually costing more. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would have with a shorter rate lock span of time

Additional Ways to Save on Interest

In addition to going with the shorter lock period, there are several ways you can get the lowest rate. The more the down payment, the lower your interest rate will be, since you will be starting with more equity. You can pay points to reduce your interest rate for the life of the loan, meaning you pay more initially. One strategy that is a good option for some is to pay points to reduce the rate over the life of the loan. You'll pay more initially, but you'll come out ahead, especially if you keep the loan for the full term.

Mutual Security Mortgage can answer questions about rate lock periods & many others. Call us at 303-931-7879.