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What is a lock and why might I want to use a lock policy?

April 26, 2017lock policy

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What is a lock and why might I want to use a lock policy?

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Interest rates change—and change often! And even the smallest change can mean thousands over the life of your loan. That’s why MortgageEase offers a Lock Policy, which enables us to lock in, or guarantee an interest rate for borrowers once written confirmation of the rate is provided. This protects your promised rate—a rate you decide during the loan process—regardless of fluctuating interest rates and market changes. Your rate is secure from the day your lock is confirmed until the day your lock period expires.

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A. Interest rates change—and change often! And even the smallest change can mean thousands over the life of your loan. That’s why F&M Mortgage Group offers a lock policy, which enables us to lock in, or guarantee an interest rate for borrowers once written confirmation of the rate is provided. This protects your promised rate—a rate you decide during the loan process—regardless of fluctuating interest rates and market changes. Your rate is secure from the day your lock is confirmed until the day your lock period expires.