Getting a Low Interest Rate

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Locking It In

When you're promised a "rate lock" from a lender, it means that you are guaranteed to keep a specific interest rate over a determined period for the application process. This means your interest rate cannot get higher as you are working through the application process.

Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer period typically costing more. The lender can agree to lock in an interest rate and points for a longer period, like sixty days, but in exchange, the rate (and sometimes points) will be more than that of a rate lock of fewer days.

Other Ways to Save on Interest

There are more ways to get a low rate, besides choosing a shorter rate lock period. The larger down payment you can make, the better your rate will be, since you will be entering the loan with more equity. You may choose to pay points to bring down your interest rate over the loan term, meaning you pay more initially. To a lot of people, this is a good option..

At Florida State Mortgage Group, Inc., we answer questions about this process every day. Give us a call: 954-359-3000.