What exactly is an interest rate lock?
An interest rate lock is a commitment from your lender to close your loan at a certain rate and cost so long as closing occurs within a certain period of time.
You are eligible to lock in a rate as soon as you know two things:
1) the address of the property you are buying and
2) your closing date. In most cases, this means you can lock your rate as soon as you and the seller come to mutually accepted terms. As soon we know you are eligible to lock, we’ll be in touch to discuss the options.
We have a library of downloadable PDFs that cover rate locks, discount points, and other mortgage fundamentals.
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