Locking In Your Interest Rate

If you are considering a refinance of your existing home loan, chances are it’s because conditions are right for you to get a lower interest rate than you currently have. This lower rate presents an opportunity to save thousands of dollars over the life of the new loan. The key is to “lock in” a good rate.

Locking your interest rate will secure your home loan interest rate and total monthly payment. Until you lock in your interest rate, your home loan will continue to “float.” During the floating period, home loan rates may increase or decrease.

Note that locking a rate does not obligate you to close on a home loan. Nor does it guarantee a full loan approval.

The lock is merely a security measure to eliminate the risk of market volatility throughout the duration of any loan transaction. In many cases, home loan rates can be locked within 30 days of the home loan closing date.

Once you are locked in, your rate will not change. Your home loan professional will advise you on the best time to “lock in” a great rate and for the sufficient length of time.

If you or someone you know would like to learn more about available home loan options, please get in touch. I’m happy to help!

For professional use only. Not intended for consumer distribution.
Information is subject to change without notice. This is not an offer for extension of credit or a commitment to lend. West Coast Mortgage Group is not affiliated with the U.S. government, HUD, FHA, VA, or any other government agencies. For additional information about West Coast Mortgage Group, visit the NMLS Consumer Access page at www.nmlsconsumeraccess.org. NMLS #5084.

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