So you’re shopping for a home and need a loan. One thing your lender might discuss is a rate lock. So what exactly is a rate lock?
A mortgage rate lock is an agreement between a borrower and a lender that allows the borrower to lock in the interest rate on a mortgage over a specified time period at the prevailing market interest rate.
For more information on rate locks check out these two very informative articles from:
NerdWallet.com : Mortgage Rate Lock: When Do I Lock In My Interest Rate?
&
BankRate.com Answers to top 6 mortgage rate-lock questions
As always, we are here to answer your questions. If you need any more info on Rate Lock’s or would like to discuss specifics of a home loan please don’t hesitate to reach out. I would be happy to get you in contact with one of the many great loan officers in the area.
– Dave Kennedy