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Locking Your Interest Rate
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Your interest rate can be locked before closing! This guarantees
your payment amount so there are no nasty surprises at closing. ("I'm sorry,
your payment is now $200 more per month because rates have gone up 3% since you
started your loan application") Usually this can be done with no charge up to 30
days before the closing date.
If you are buying new construction which is not due to
be completed for another 4 to 6 months there is usually an option
available for a cost through your lender to lock your rate far in
advance. This can be especially smart in inflationary times when the
Federal Reserve keeps raising rates to slow the economy. Be sure to ask
how much it would take to lock in your loan in advance. You can then
decide if it is worth it to lock in a potentially lower rate.
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Apply for a Mortgage Loan Online!
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