Getting a Low Interest Rate

Locking in your Interest Rate

A rate "lock" or "commitment" is a promise from the lender to lock in a certain interest rate and a specific number of points for you for a certain period of time during your application process. This ensures that your interest rate won't go up during the application process.

Although there can be a choice of rate lock periods (from 15 to 60 days), the longer ones are typically more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would with a shorter rate lock span of time

Other Interest Saving Strategies

There are other ways to get a good rate, in addition to going with a shorter rate lock period. The bigger down payment you pay, the better your interest rate will be, because you will have more equity from the start. You can pay points to improve your rate for the loan term, meaning you pay more up front. For a lot of people, this makes sense and is a good deal..

My FL Home Loans, Inc. can answer questions about rate lock periods and many others. Give us a call at (727) 743-1620.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question