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

[email protected]

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