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Interest Rates >Locking in Loan Rates It is important for both new homebuyers and homeowners who want to refinance to understand how to lock in an interest rate when applying for a mortgage loan. Understanding how rate locks work prepares you to evaluate your options.
While you are in the process of applying for your mortgage loan, interest rates will most likely fluctuate from day to day and week to week. If you want assurance that the wonderfully low interest rate on your loan will not increase while you are waiting for loan approval, ask for a rate lock. A conventional rate lock is a guarantee from the lender that your mortgage will carry a particular interest rate, with specific, predetermined points and fees.
The interest rate is "locked in" for a specified period of time, usually thirty days. When you call a lender for a rate quote, ask how long that rate will last for. If you think you might need more than thirty days to complete your home purchase or refinance, tell your lender how many days you will require, and they will give you an adjusted rate quote.
Rate locks are especially useful if interest rates are on the upswing, and you are concerned about ending up with higher monthly payments. If you cannot afford the risk of a further interest rate increase, lock in your loan rate now.
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| Q |
What was the location for the classic silent movie scene where Harold LLoyd dangles from a huge clock high above the city?
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That scene from "Safety Last"was filmed at the Brockman Building, one block south of the Biltmore Hotel in Los Angeles. |
 See More Real Estate Trivia > |
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Stewart J Lowe
RE/MAX Real Estate Central
#206, 2411 - 4th Street NW
Calgary, AB T2M 2Z8
Cell: 403-850-0669
Fax: 403-547-5195
Office pager 24/7: 403-216-1600
StewartJLowe@shaw.ca
Remax Real Estate Central is the Number One Remax in the World based on closed transactions. Stewart J Lowe is a 2009 Top Producer, and member of Remax Western Canada 100% Club based on sales and service, and the Executive and Chairmans clubs.
Quote from Stewart J Lowe
"I want to be the real estate professional that really helps you, and keeps
you in total communication. We like to work with a limited number of clients, individually taking the time to understand their lifestyle and their
individual needs. Buying High End Real Estate with us as your team will be an enjoyable experience"
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NUMBER1EXPERT®
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All rights reserved. All information deemed reliable but not guaranteed.
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- NUMBER1EXPERT 
