Home | Ask Your Question | Mortgage Glossary
Search a lender for:  

Untitled Document

Rate Lock

A rate lock is to put a hold on your rate. Most lenders will lock a rate for up to 30, 45, or 60 day periods, depending upon the situation.

The benefit of locking your rate is receiving peace of mind. If interest rates go up during your grace period, you can rest assured that your locked rate will stay the same.

Once you have chosen a lender and a mortgage product that you are happy with, go ahead and have the rate locked. Once this is done, be sure to obtain a written agreement of the terms. A verbal agreement is exactly that, so make sure you have the paperwork to back it up.

You'll be re-directed to Top-Lenders.com


Books for First Time Home Buyer:

Most Relevant Mortgage Books