Getting a Low Interest Rate

Lock It In

When you are offered a "rate lock" from a lender, it means that you are guaranteed to keep a set interest rate over a certain number of days while you work on the application process. This ensures that your interest rate can't grow during the application process.

While there are various lengths of rate lock periods (from 15 to 60 days), the extended spans are usually more expensive. The lending institution may agree to lock in an interest rate and points for a longer span of time, like sixty days, but in exchange, the rate (and sometimes points) will be higher than that of a rate lock of fewer days.

More Ways to Get a Great Interest Rate

In addition to opting for a shorter rate lock period, there are more ways you are able to attain the lowest rate. A larger down payment will give you a lower interest rate, since you'll have a good deal of equity from the beginning. You may choose to pay points to lower your rate for the loan term, meaning you pay more up front. One strategy that is a good option for many people is to pay points to improve the rate over the life of the loan. You'll pay more initially, but you will come out ahead, especially if you don't refinance early.

Integris Loans can walk you through the pitfalls of getting a mortgage. Give us a call: 8014134570.

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Integris Loans

9980 S 300 W Ste 200
Sandy, UT 84070