Mortgage Rate Articles

When to Lock in a Mortgage Rate

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Tips on Locking in Mortgage Rates | Mortgage Investors Group – Rate Misconceptions. There are a couple common misconceptions about locking in mortgage rates: If rates go lower after locking, I can get that rate: Unfortunately, this isn’t always the case. Once you lock in your rate, your mortgage lender locks in that amount of money at that rate on the security market.

A lock deposit requirement indicates that both the borrower and the lender intend to keep the agreement. A rate lock may be issued in conjunction with a loan estimate. A mortgage rate lock period could be an interval of 10, 30, 45, or 60 days. The longer the period is could mean a higher interest rate is agreed upon.

A rate lock protects your mortgage interest rate from increasing while your loan application is being processed and, if you are taking out a fixed-rate mortgage, the lock protects your mortgage interest rate from going up for the life of the loan, even if interest rates increase.

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Traditionally, a lender will lock an interest rate between 30 and 60 days with no fee. After that, the borrower might have to pay a fee to extend the rate lock. The extension can be for 90 days to as many as eight months, depending on the lender. For people who are doing construction loans, for instance,

What is a Rate Lock? A rate lock is a guarantee from a mortgage lender that they will give a mortgage loan applicant a certain interest rate, at a certain price, for a specific time period. The price for a mortgage loan is typically expressed as "points" paid to obtain a specific interest rate.

A mortgage interest rate lock allows a homebuyer to secure from their lender a specific interest rate on their future mortgage for a predetermined amount of time. Locking in an interest rate means your rate won’t change between the day the lock takes effect and the closing on your mortgage, provided you get it done before the lock expires.

A rate lock is important because mortgage interest rates fluctuate in response to market forces-much like the price of apples or homes-and even small fluctuations can cost you big-time. A mortgage rate lock, as you might guess, locks in an interest rate for your loan for a certain period of time before you close the deal.