"Rate Lock" and other Ways to Get a Lower Interest Rate

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Freezing the Rate

A rate "lock" or "commitment" is a lender's promise to freeze a certain interest rate and a particular number of points for you for a specified period of time during your application process. This means your interest rate won't go up while you are working through the application process.

Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer spans usually costing more. You can get a longer period for your lock, but in choosing this option, will most likely have a higher rate than you would have with a shorter period

More Ways to Get a Great Interest Rate

In addition to choosing a shorter lock period, there are more ways you can attain the lowest rate. A bigger down payment will get you a reduced interest rate, since you're starting out with more equity. You can pay points to lower your rate over the loan term, meaning you pay more up front. To a lot of people, this is a good option..

At PREMIERE MORTGAGE SERVICES INC., we answer questions about this process every day. Give us a call at 978-422-2311.