Getting a Low Interest Rate

Lock It In

When you're offered a "rate lock" from the lender, it means that you are guaranteed to keep a set interest rate for a certain number of days for your application process. This ensures that your interest rate won't go up during the application process.

While there are various lengths of rate lock periods (from 15 to 60 days), the longer ones are usually more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher rate than you would have with a shorter rate lock period

More Ways to Get a Great Interest Rate

There are other ways to get a better rate, besides choosing a shorter rate lock period. A larger down payment will give you a lower interest rate, because you'll have more equity at the start. You can pay points to lower your interest rate over the loan term, meaning you pay more initially. To a lot of people, this makes sense and is a good deal..

Firelight Mortgage Consultants can walk you through the pitfalls of getting a mortgage. Call us: 3032282254.

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Firelight Mortgage Consultants

Company NMLS#: 381658

7887 East Belleview Ave Ste 1100
Englewood, CO 80111