Getting a Low Interest Rate

Lock It In

When you are offered a "rate lock" from a lender, it means that you are guaranteed to keep a certain interest rate for a certain number of days for your application process. This keeps you from getting through your whole application process and discovering at the end that your interest rate has gotten higher.

Although there might be a choice of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. You can get a longer period for your lock, but in doing so, will most likely have a higher interest rate than you would with a shorter span of time

Other Ways to Save on Interest

In addition to opting for the shorter lock period, there are more ways you can attain the lowest rate. The larger the down payment, the lower the interest rate will be, since you will have more equity from the beginning. You can pay points to bring down your interest rate for the loan term, meaning you pay more up front. To a lot of people, this makes financial sense..

CHASE MORTGAGE, Inc. #317430 can answer questions about rate lock periods & many others. Call us at 4357556622.