Getting a Low Interest Rate

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Locking in your Interest Rate

A rate "lock" or "commitment" is a promise from the lender to lock in a certain interest rate and a particular number of points for you for a certain period while your application is processed. This means your interest rate can't go up during the application process.

Rate lock periods can be various lengths of time, between 15 to 60 days, with the longer ones generally costing more. You can get a longer period for your lock, but in making this choice, will probably have a higher rate than you would with a shorter span of time

Other Interest Saving Strategies

There are more ways to get a lower rate, besides opting for a shorter rate lock period. The bigger down payment you pay, the smaller your rate will be, because you will be starting with more equity. You may opt to pay points to bring down your interest rate over the term of the loan, meaning you pay more initially. For many people, this makes sense and is a good deal..

Diamond Mortgage Company can walk you through the pitfalls of getting a mortgage. Give us a call at (215) 661-9570.