Getting a Low Interest Rate


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What is a Rate Lock?

When you are promised a "rate lock" from a lender, it means that you are guaranteed to keep a particular interest rate for a determined period while you work on your application process. This protects you from getting through your whole application process and discovering at the end that the interest rate has gone up.

While there are various lengths of rate lock periods (from 15 to 60 days), the extended ones are typically more expensive. You can get a longer period for your lock, but in doing so, will probably have a higher interest rate than you would with a shorter rate lock period

Other Interest Saving Strategies

There are more ways to get a reduced rate, besides going with a shorter rate lock period. The larger the down payment, the lower your interest rate will be, as you will be starting with more equity. You may choose to pay points to reduce your rate over the term of the loan, meaning you pay more initially. For a lot of people, this makes sense and is a good deal..

At GPN Mortgage, we answer questions about this process every day. Call us: 405-720-7064.

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