Getting a Low Interest Rate


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Locking It In

A rate "lock" or "commitment" is a promise from the lender to freeze a specific interest rate and a particular number of points for you for a certain period while your application is processed. This keeps you from getting through your whole application process and learning at the end that your interest rate has risen higher.

Although there may be a choice of rate lock periods (from 15 to 60 days), the longer ones are generally more expensive. You can get a longer period for your lock, but in choosing this option, will most likely have a higher interest rate than you would with a shorter rate lock span of time

More Ways to Get a Great Interest Rate

There are more ways to get a lower rate, in addition to going with a shorter rate lock period. A bigger down payment will get you a reduced interest rate, because you will be starting out with a good deal of equity. You may choose to pay points to bring down your interest rate over the life of the loan, meaning you pay more up front. To many people, this makes sense and is a good deal..

At United Lending LLC, we answer questions about this process every day. Give us a call at 512-592-5462.

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