Getting a Low Interest Rate

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Freezing the Rate

When you're promised a "rate lock" from the lender, it means that you are guaranteed to keep a particular interest rate for a certain number of days while you work on the application process. This protects you from working through your entire application process and learning at the end that the interest rate has gotten higher.

Rate lock periods can vary in length, anywhere from 15 to 60 days, with the longer period typically costing more. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would have with a shorter span of time

Additional Ways to Save on Interest

In addition to choosing a shorter lock period, there are more ways you can score the best rate. The bigger the down payment, the smaller your interest rate will be, because you will have more equity from the beginning. You might opt to pay points to lower your rate over the loan term, meaning you pay more up front. To many people, this makes sense and is a good deal..

At Alternative Mortgage Solutions, Inc., we answer questions about this process every day. Call us: 314-835-1195.