Getting a Low Interest Rate

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Lock It In

When you are promised a "rate lock" from your lender, it means that you are guaranteed to keep a specific interest rate for a determined period while you work on your application process. This prevents you from going through your entire application process and finding out at the end that the interest rate has gone up.

Rate lock periods can be various lengths of time, anywhere from fifteen to sixty days, with the longer period usually costing more. You can get a longer period for your lock, but in choosing this option, will probably have a higher rate than you would have with a shorter period

More Ways to Get a Great Interest Rate

In addition to opting for the shorter lock period, there are other ways you can score the lowest rate. The larger the down payment, the smaller the interest rate will be, since you will be entering the loan with more equity. You could opt to pay points to lower your interest rate over the term of the loan, meaning you pay more initially. One strategy that is a good option for many people is to pay points to bring the rate down over the life of the loan. You'll pay more initially, but you will come out ahead, especially if you don't refinance early.

At Premier Nationwide Lending, we answer questions about this process every day. Give us a call at (926) 228-1944.