A mortgage interest rate lock allows a homebuyer to secure from their lender a specific interest rate on their future mortgage for a predetermined amount of time. Locking in an interest rate means your rate won’t change between the day the lock takes effect and the closing on your mortgage, provided you get it done before the lock expires.
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Get your mortgage rate lock in writing. Don’t settle for verbal assurances from your lender, and make certain you get details on what will happen should the rate lock expire. If you do this when you apply, you should see the terms of the rate lock noted on page 1 of your Loan Estimate disclosure form in the upper right-hand corner.
It looks as though we've entered a period of rising interest rates, possibly sustained, so when should your clients lock in their rate on the new.
With a rate lock, you are safeguarded from rates rising. For example, you lock in for 60 days at 3.75 percent. Rates creep up to four percent half way through your lock period. You are still entitled to your original rate.
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A mortgage rate lock, also known as rate protection, keeps your interest rate from rising between the time you apply for a refinance and the time you close on your new loan. If interest rates happen to go up during the period when your rate is locked, you get to keep your lower rate.
A mortgage rate lock is an agreement between a borrower and a lender that guarantees the borrower a specific interest rate on a mortgage. Rate locks are important because interest rates change.
Lower Interest Rates “The most popular reason for refinancing is to lock in a lower interest rate,” said Wayne Lacy, Branch.
Here are the 5 golden rules of your interest rate lock: Never lock in a rate before the contract is signed. Know what your "on or about" closing day is. Most mortgage lenders offer 15, 30, 45 and 60-day rate locks. Choose a lock period that gives you the comfort of knowing you have enough time to get through closing.