Getting a Low Interest Rate

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Locking in your Interest Rate

A rate "lock" or "commitment" is a lender's promise to freeze a specific interest rate and a particular number of points for you for a certain period of time while your application is processed. This ensures that your interest rate can't go up during the application process.

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

Other Interest Saving Strategies

In addition to choosing a shorter lock period, there are more ways you may be able to get the best rate. A bigger down payment will get you a better interest rate, because you're starting out with more equity. You can pay points to lower your interest rate over the loan term, meaning you pay more initially. For many people, this makes financial sense..

At Pacific Capital Mortgage Corp, we answer questions about this process every day. Call us: 714-939-3863.