Getting a Low Interest Rate

Freezing the Rate

When you're promised a "rate lock" from your lender, it means that you are guaranteed to get a specific interest rate for a certain number of days while you work on your application process. This prevents you from getting through your whole application process and discovering at the end that your interest rate has risen higher.

While there are various lengths of rate lock periods (from 15 to 60 days), the extended spans are typically more expensive. You can get a longer period for your lock, but in choosing this option, will likely have a higher interest rate than you would have with a shorter span of time

Other Interest Saving Strategies

In addition to choosing a shorter lock period, there are more ways you can attain the lowest rate. A bigger down payment will result in a reduced interest rate, since you'll have a good deal of equity at the start. You can pay points to bring down your rate for the loan term, meaning you pay more initially. To many people, this is a good option..

Triumph Mortgage Inc can answer questions about rate lock periods and many others. Call us: 8327302000.

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