What is a "rate lock period"? How can you make sure your rate is low?

A rate lock or a rate commitment is a lender's promise to hold a certain interest rate for you for a specified period of time while your application is processed. This prevents you from going through your whole application process and at the end of it finding out the interest rate has gone up.

A rate lock period can vary in length, and longer ones usually cost more. A lender will agree to "hold" your interest rate and points for a longer period, say 15, 30, 60 days or longer but in exchange the rate and maybe points are higher than with a shorter rate lock period, for example.

Allow one of our Mortgage Professionals to guarantee your rate today.