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What is an Interest Rate Lock?

April 26, 2017Interest rate lock

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What is an Interest Rate Lock?

3 Answers

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This is a process where the sarasot area mortgage lender guarantees a certain interest rate for a period of time thus eliminating market fluctuations.

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This is a process where the mortgage lender guarantees a certain interest rate for a period of time thus eliminating any market fluctuations.

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A lock is an obligation by us that your loan application will be locked in for a certain period of time to the interest rate and corresponding points at the time you choose to lock in your loan. A lock does not represent in any way an approval of your loan application.