Difference between revisions of "Lock in a Mortgage Rate"
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A mortgage rate lock is a written agreement between a homebuyer and a lender that guarantees the mortgage interest rate according to certain conditions. Since interest rates can change from day to day, it is very important to get a rate lock when shopping for a home if you want to count on a particular rate. Getting the best interest rate possible can save you thousands of dollars over the term of the mortgage. | A mortgage rate lock is a written agreement between a homebuyer and a lender that guarantees the mortgage interest rate according to certain conditions. Since interest rates can change from day to day, it is very important to get a rate lock when shopping for a home if you want to count on a particular rate. Getting the best interest rate possible can save you thousands of dollars over the term of the mortgage. | ||
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== Steps == | == Steps == | ||
