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Understanding Mortgage Rate-Lock Programs

If you are like many people who are shopping for a new home, you are probably keeping an eye on interest rate predictions. Once you find your perfect new home and begin the loan application, you will want to secure the lowest interest rate possible. This process will lead you to examine the options available through Rate-Lock Programs.

The foundation of a Mortgage Rate-Lock program is to provide you the option to secure/lock an interest rate during the process. This rate-lock will keep the rate available to you until the loan closes, even if rates rise during that time.

As the old adage goes, the devil is in the details! This is especially true for Mortgage Rate-Lock programs. The programs are provided by the mortgage lender, and each one has different aspects to their offer. As an example, many rate lock programs will not allow you to take advantage of rate decreases that occur during the locked period.

Here are links to articles that will help get you started on your research. And remember the devil is in the details so be sure you read all details about the program before you sign!

Read the fine print on those mortgage rate lock offers 

by Jill Chodorov Kaminsky

Mortgage Rate Lock: When Do I Lock In My Interest Rate 

by Hal M. Bundrick, CFP

Answers to top 6 mortgage rate-lock questions 

by Natalie Campisi

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Notary Near YouUnderstanding Mortgage Rate-Lock Programs