Getting a Low Interest Rate

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Locking in your Interest Rate

When you are promised 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 means your interest rate can't grow during the application process.

Rate lock periods can be various lengths of time, between fifteen to sixty days, with the longer spans typically costing more. You can get a longer period for your lock, but in doing so, will probably have a higher rate than you would have with a shorter period

More Ways to Get a Great Interest Rate

There are other ways to get a low rate, besides going with a shorter rate lock period. The bigger down payment you can make, the lower your rate will be, as you will have more equity from the beginning. You could opt to pay points to reduce your interest rate over the loan term, meaning you pay more up front. One strategy that makes financial sense for many people is to pay points to bring the rate down over the life of the loan. You'll pay more initially, but you will come out ahead in the end.

At Bridge View Funding, we answer questions about this process every day. Give us a call at 415.931.2883.