A “mortgage rate lock” is essential to ensure you actually receive the interest rate you are quoted. While comparing lenders, you’ll you be presented with a mortgage rate quote, but it will mean very little until it’s actually secured, or “locked” by your lender.
It’s kind of like a car dealer telling you a price over the phone, then you show up at the dealership and the price is a lot different for whatever reason. Until you have it in writing, it doesn’t carry much weight.
When you purchase real estate or refinance an existing mortgage, you’ll need to lock in a mortgage interest rate at some point during the loan process after you have secured or already own your property and begun your loan application. You can do this early on or later in the process, depending on your preference and closing timeline. Either way, we're here and happy to help.
It’s kind of like a car dealer telling you a price over the phone, then you show up at the dealership and the price is a lot different for whatever reason. Until you have it in writing, it doesn’t carry much weight.
When you purchase real estate or refinance an existing mortgage, you’ll need to lock in a mortgage interest rate at some point during the loan process after you have secured or already own your property and begun your loan application. You can do this early on or later in the process, depending on your preference and closing timeline. Either way, we're here and happy to help.