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Interest Rates >Locking in Loan Rates It is important for both new homebuyers and homeowners who want to refinance to understand how to lock in an interest rate when applying for a mortgage loan. Understanding how rate locks work prepares you to evaluate your options.
While you are in the process of applying for your mortgage loan, interest rates will most likely fluctuate from day to day and week to week. If you want assurance that the wonderfully low interest rate on your loan will not increase while you are waiting for loan approval, ask for a rate lock. A conventional rate lock is a guarantee from the lender that your mortgage will carry a particular interest rate, with specific, predetermined points and fees.
The interest rate is "locked in" for a specified period of time, usually thirty days. When you call a lender for a rate quote, ask how long that rate will last for. If you think you might need more than thirty days to complete your home purchase or refinance, tell your lender how many days you will require, and they will give you an adjusted rate quote.
Rate locks are especially useful if interest rates are on the upswing, and you are concerned about ending up with higher monthly payments. If you cannot afford the risk of a further interest rate increase, lock in your loan rate now.
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What was the world's highest viewing platform before the opening of the Empire State Building in 1939?
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The Eiffel Tower, built between 1887-1889, was for 42 years the highest viewing platform in a man-made structure. |
 See More Real Estate Trivia > |
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Robert Freedman
RE/MAX Beach Cities Realty
1001 Manhattan Beach Bl
Manhattan Beach, CA. 90266
Cell: 310-291-7779
Office: 310-303-3333 X122
Fax: 310-303-3335
Email: rob@letfreedmanring.com
After more than thirty years selling real estate full time in the South Bay, Robert Freedman's reputation generally precedes him. He is known as a fair but aggressive protagonist for his client's objectives.
Robert's background of architecture at Cornell University has served his clients well. He brings lots of creativity to the table, especially in visualizing remodeling possibilities and analyzing building projects.
His negotiating skills are second to none. Contact him via e-mail today! Robert, or a successful member of the dynamic team at the Office of Robert Freedman will get back to you immediately.   
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