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

What is a Rate Lock?

When you're offered a "rate lock" from a lender, it means that you are guaranteed to keep a set interest rate for a certain number of days for the application process. This prevents you from getting through your whole application process and finding out at the end that your interest rate has risen higher.

While 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 likely have a higher rate than you would have with a shorter rate lock span of time

Other Ways to Save on Interest

In addition to going with the shorter rate lock period, there are several ways you can score the lowest rate. A bigger down payment will give you a better interest rate, because you'll have a good deal of equity at the start. You can pay points to bring down your rate over the loan term, meaning you pay more initially. For a lot of people, this makes sense and is a good deal..

CHASE MORTGAGE, Inc. #317430 can answer questions about rate lock periods & many others. Give us a call: 4357556622.