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

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Freezing the Rate

A rate "lock" or "commitment" is a promise from the lender to freeze a particular interest rate and a certain number of points for you for a specified period of time during your application process. This means your interest rate won't go up during the application process.

While there are several lengths of rate lock periods (from 15 to 60 days), the longer spans are typically more expensive. You can get a longer period for your lock, but in doing so, will likely have a higher interest rate than you would with a shorter rate lock period

More Ways to Save on Interest

There are other ways to get a lower rate, in addition to opting for a shorter rate lock period. A bigger down payment will get you a better interest rate, since you will have more equity from the beginning. You can pay points to lower your rate over the loan term, meaning you pay more initially. For many people, this is a good option..

Western Reliance Funding Group, Inc. can answer questions about rate lock periods & many others. Give us a call: 800.465.1404.1002.