Getting a Low Interest Rate

Locking in your Interest Rate

A rate "lock" or "commitment" is a promise from the lender to hold a particular interest rate and a particular number of points for you for a specified period during your application process. This ensures that your interest rate can't get higher while you are working through the application process.

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

More Ways to Get a Great Interest Rate

There are more ways to get a low rate, in addition to going with a shorter rate lock period. The bigger the down payment, the smaller the rate will be, as you will have more equity from the beginning. You can pay points to lower your rate for the loan term, meaning you pay more initially. To a lot of people, this is a good option..

Triumph Mortgage Inc can answer questions about rate lock periods and many others. Give us a call at 8327302000.

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
By checking the box, you agree that Triumph Mortgage Inc may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.