Getting a Low 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 specific number of points for you for a certain period during your application process. This ensures that your interest rate won't rise as you are working through the application process.
Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer spans typically costing more. You can get a longer period for your lock, but in doing so, will most likely have a higher rate than you would with a shorter span of time
More Ways to Get a Great Interest Rate
There are more ways to get a good rate, in addition to opting for a shorter rate lock period. The larger the down payment, the better your rate will be, since you will be starting with more equity. You can pay points to reduce your rate over the loan term, meaning you pay more up front. For many people, this makes sense and is a good deal.
Straight Talk Lending can walk you through the pitfalls of getting a mortgage. Give us a call at 714-737-6717.