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Getting a Low Interest Rate

Looking for a mortgage loan? We'll be glad to talk about our mortgage offerings! Give us a call today at 702-796-3453 x3055. Want to get started? Apply Here.

What is a Rate Lock?

When you are promised a "rate lock" from a lender, it means that you are guaranteed to get a specific interest rate for a determined period for the application process. This prevents you from getting through your entire application process and finding out at the end that the interest rate has risen higher.

Rate lock periods can be various lengths of time, anywhere from 15 to 60 days, with the longer ones typically costing more. A lending institution will agree to hold an interest rate and points for a longer span of time, say 60 days, but in exchange, the rate (and sometimes points) will be more than with a rate lock of fewer days.

More Ways to Get a Great Interest Rate

In addition to going with a shorter rate lock period, there are other ways you may be able to score the lowest rate. A larger down payment will result in a lower interest rate, because you're starting out with more equity. You may choose to pay points to improve your rate for the loan term, meaning you pay more up front. To a lot of people, this makes sense and is a good deal..

At Residential Mortgage Services, we answer questions about this process every day. Give us a call at 702-796-3453 x3055.