Getting a Low Interest Rate

Locking It In

When you are promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate over a determined period while you work on your application process. This ensures that your interest rate will not go up during the application process.

Rate lock periods can vary in length, between fifteen to sixty days, with the longer period generally costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher interest rate than you would with a shorter period

More Ways to Get a Great Interest Rate

In addition to opting for a shorter lock period, there are more ways you are able to attain the best rate. The bigger the down payment, the smaller the rate will be, since you will be entering the loan with more equity. You can pay points to reduce your interest rate for the term of the loan, meaning you pay more initially. For a lot of people, this makes sense and is a good deal..

At AccessOne Mortgage, we answer questions about this process every day. Give us a call at 919-787-6080.