Getting a Low Interest Rate
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Locking It In
A rate "lock" or "commitment" is a lender's promise to set a particular interest rate and a certain number of points for you for a specified period during your application process. This prevents you from working through your entire application process and finding out at the end that your interest rate has gotten higher.
Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer ones typically costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher interest rate than you would have with a shorter period
More Ways to Get a Great Interest Rate
In addition to opting for a shorter rate lock period, there are several ways you are able to get the lowest rate. The larger down payment you pay, the smaller the interest rate will be, because you will be starting with more equity. You can pay points to improve your rate over the term of the loan, meaning you pay more initially. For many people, this makes financial sense..
Joe Wagner can answer questions about rate lock periods and many others. Give Joe Wagner a call at 612-327-4544.
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