Getting a Low Interest Rate

Lock It In

When you're offered a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate for a certain number of days for your application process. This ensures that your interest rate can't grow during the application process.

While there may be a choice of rate lock periods (from 15 to 60 days), the longer ones are typically 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 with a shorter period

Other Interest Saving Strategies

In addition to going with a shorter lock period, there are several ways you can get the lowest rate. The bigger the down payment, the lower your rate will be, because you will have more equity from the start. You can pay points to reduce your interest rate for the loan term, meaning you pay more initially. For many people, this makes sense and is a good deal..

Chris Caggiano - Grand Oaks Funding, LLC can answer questions about rate lock periods and many others. Call us: (718) 477-4405.

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