Getting a Low Interest Rate

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Lock It In

When you are promised a "rate lock" from your lender, it means that you are guaranteed to get a set interest rate for a determined period for your application process. This ensures that your interest rate won't rise while you are going through the application process.

Rate lock periods can vary in length, between fifteen to sixty days, with the longer ones usually costing more. A lending institution can agree to lock in an interest rate and points for a longer period, like 60 days, but in exchange, the rate (and sometimes points) will be higher than with a rate lock of fewer days.

More Ways to Get a Great Interest Rate

There are more ways to get a better rate, in addition to going with a shorter rate lock period. A bigger down payment will give you a lower interest rate, because you will have a good amount of equity from the beginning. You might choose to pay points to bring down your rate for the life of the loan, meaning you pay more initially. For a lot of people, this makes financial sense..

Manhattan Financials can answer questions about rate lock periods and many others. Give us a call at 718-766-9112.