08:30 – 5:00

Monday to Friday

5001 California Avenue, Suite 200

661-324-AGAPE

Your Bakersfield Mortgage Professional

December 13, 2017

08:30 – 5:00

Monday to Friday

5001 California Avenue, Suite 200

661-324-AGAPE

Rate Lock Periods

Getting a Low Interest Rate

Lock It In

A rate “lock” or “commitment” is a lender’s promise to freeze a particular interest rate and a particular number of points for you for a specified period of time during your application process. This keeps you from going through your whole application process and discovering at the end that your interest rate has gone up.

While there are several lengths of rate lock periods (from 15 to 60 days), the extended ones are usually more expensive. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would with a shorter period

More Ways to Get a Great Interest Rate

There are more ways to get a good rate, besides opting for a shorter rate lock period. The more the down payment, the better the interest rate will be, since you will be entering the loan with more equity. You might opt to pay points to improve your interest rate over the loan term, meaning you pay more initially. To many people, this is a good option..

Agape Mortgage can answer questions about rate lock periods and many others. Call us at 661.324.2427.

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