Getting a Low Interest Rate

What is a Rate Lock?

A rate "lock" or "commitment" is a promise from the lender to freeze a specific interest rate and a certain number of points for you for a specified period of time during your application process. This ensures that your interest rate cannot grow as you are working through the application process.

Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer spans 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 with a shorter rate lock span of time

Additional 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 give you a better interest rate, since you'll have a good amount of equity at the start. You can pay points to bring down your interest rate for the loan term, meaning you pay more up front. For many people, this is a good option..

Firelight Mortgage Consultants can answer questions about rate lock periods and many others. Give us a call at 3032282254.

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Firelight Mortgage Consultants

Company NMLS#: 381658

7887 East Belleview Ave Ste 1100
Englewood, CO 80111