Getting a Low Interest Rate

	Shopping for a mortgage loan? We'll be glad to talk about your mortgage needs! Give us a call at 269-282-1612. Ready to get started? Apply Online Now.

Freezing the Rate

A rate "lock" or "commitment" is a lender's promise to set a particular interest rate and a specific number of points for you for a specified period of time while your application is processed. This means your interest rate cannot grow during the application process.

Rate lock periods can vary in length, anywhere from fifteen to sixty days, with the longer spans typically costing more. You can get a longer period for your lock, but in doing so, will most likely have a higher rate than you would have with a shorter rate lock span of time

Other Interest Saving Strategies

In addition to opting for a shorter lock period, there are other ways you can attain the lowest rate. A larger down payment will give you a reduced interest rate, since you'll have more equity at the start. You might choose to pay points to improve your interest rate over the life of the loan, meaning you pay more up front. To a lot of people, this makes financial sense..

At clickformyloan.com, we answer questions about this process every day. Give us a call: 269-282-1612.