November 2019
Get Started
You’re Locked-in, But Don’t Worry… Back to blog
Perhaps you’ve heard the term “Lock In” regarding Mortgage Interest Rates. It sounds like a big, and perhaps scary, commitment- no? No worries! (And no need to get cold feet.) We’ll explain why Locking In that Mortgage Interest Rate isn’t as big of a step as one may think. What happens when you lock it in? Locking In the Mortgage Interest Rate is one of the earlier steps taken when securing a mortgage; For most home shoppers, it’s best to lock in your Mortgage Interest Rate after you sign a purchase agreement. Don’t lock too early — If your loan doesn’t process within your lock period, you’ll lose the mortgage rate. It pays to shop around when looking for Mortgage Interest Rates. A Mortgage Rate lock fee can vary from Mortgage Lender to Mortgage Lender. Once Mortgage Lenders have your property info, sales contract, proof of income and analyzed your credit history they’ll proceed with securing the best Mortgage Interest Rate possible. Once you Lock-In the Rate, a Mortgage Lender will agree to keep that Mortgage Interest Rate between 30, 45, 60, to 90 days. After that, you might have to pay a fee to extend the mortgage rate lock. What is the Mortgage Interest Rate lock period?