What is a "rate lock period"?

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Freezing the Rate

A rate "lock" or "commitment" is a lender's promise to lock in a certain interest rate and a particular number of points for you for a specified period during your application process. This ensures that your interest rate can't rise during the application process.

Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer period generally costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would have with a shorter rate lock span of time

More Ways to Get a Great Interest Rate

There are other ways to get a good rate, besides agreeing to a shorter rate lock period. A larger down payment will get you a reduced interest rate, because you will have a good amount of equity at the start. You might choose to pay points to lower your rate over the term of the loan, meaning you pay more up front. For many people, this is a good option..

WestStar Mortgage can answer questions about rate lock periods and many others. Call us: 8167213752.