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.
|
|
