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"The communication was great" “You were fast to put our house on the market. I feel the communication was great. It was very important the sincerity you gave us." Flor Quiroz, Orem, UT Read Quote > View All Quotes >
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Interest Rates >Locking in Loan Rates
It is important for both new homebuyers and homeowners who want to refinance to understand how to lock in an interest rate when applying for a mortgage loan. Understanding how rate locks work prepares you to evaluate your options.
While you are in the process of applying for your mortgage loan, interest rates will most likely fluctuate from day to day and week to week. If you want assurance that the wonderfully low interest rate on your loan will not increase while you are waiting for loan approval, ask for a rate lock. A conventional rate lock is a guarantee from the lender that your mortgage will carry a particular interest rate, with specific, predetermined points and fees.
The interest rate is "locked in" for a specified period of time, usually thirty days. When you call a lender for a rate quote, ask how long that rate will last for. If you think you might need more than thirty days to complete your home purchase or refinance, tell your lender how many days you will require, and they will give you an adjusted rate quote.
Rate locks are especially useful if interest rates are on the upswing, and you are concerned about ending up with higher monthly payments. If you cannot afford the risk of a further interest rate increase, lock in your loan rate now.
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| Q |
According to Feng Shui, the art of home placement, what five elements are needed in a harmonious environment?
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| A |
Wood, fire, earth, metal and water must be balanced to create a happy, prosperous home. |
See More Real Estate Trivia > |
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The Tango Team RE/MAX Associates 12339 South 800 E Draper, UT 84020 C: 801-372-7874 O: 801-617-3932 F: 801-255-6695 cannes@wfrmls.com
The Tango Team strives to deliver the highest possible service to our seller and buyer’s clients, affiliates and agents. Through professional standards and a commitment to excellence in our industry, we are the premier real estate team in Utah. 
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