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Rate Lock

Rate Lock

An agreement between you and your lender that guarantees a specific interest rate for your mortgage for a set period of time, typically from 30 to 60 days. This can be an important tool for homebuyers because interest rates can fluctuate over time, and a rate lock can help you secure a low rate before it increases. For example, if you were pre-approved for a mortgage with an interest rate of 4% but rates start to rise, you might want to lock in that rate to ensure you don't end up paying more. It's worth noting that rate locks usually come with fees, so be sure to discuss this option with your lender before making a decision. Overall, a rate lock can provide peace of mind during the home buying process and help you budget effectively for your new home.
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