Posted on February 28, 2013 by - Mortgage Tips

Mortgage rate graphHow do Mortgage Rates Work?

There are some things that are way beyond our control.  One of those things is mortgage rates.  Mortgage rates fluctuate all the time.  They fluctuate many times a day sometimes.  They fluctuate based on the financial markets.  The better the financial markets get the worse rates get as a general rule.  It is next to impossible to predict the mortgage market and therefore rates.  One thing that can help you sleep a little easier at night though if you are refinancing or buying a house is a rate lock.  Once you have your rate lock your interest rate is protected for the length of time you picked your rate lock to be good through.

How to lock your mortgage rate

There are many different lengths of rate locks one can get.  Some of the common rate length terms are 15, 30, 60, or 90 days.  Some lenders offer short length term rate locks at 7 or even one day.  Typically, the shorter the term of your rate lock the smaller the fees you will have to pay to get that rate that you picked.

How to time a rate lock for your home loan mortgage

One thing to consider before you lock your interest rate is when to lock your rate during the mortgage process.  You have to be careful because if you lock your rate too soon your rate lock expiration could expire.  If you lock your rate to late you may have missed on on better rates earlier in the process.  It is best to keep in constant communication with your loan officer so you understand the market dynamics you are dealing with at that current time.  If you are fine with the rate of that day and are far enough in the process to be able to lock I would say go for it.  Don’t look back and second guess yourself because you do not know what tomorrow brings.

For assistance with your mortgage call Riverbank Finance at 800-555-2098 or request information below:

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    By clicking "Submit Now!", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.

      Request Information Now!


      By clicking "Submit Now!", you consent to receive calls and texts at the number you provided, including marketing by autodialer and prerecorded and artificial voice, and email, from Riverbank Finance LLC about your inquiry and other home-related matters, but not as a condition of any purchase; this applies regardless of whether you check, or leave un-checked, any box above. You also agree to our Privacy Policy and Terms of Use regarding the information relating to you. Msg/data rates may apply. This consent applies even if you are on a corporate, state or national Do Not Call list. This no obligation inquiry does not constitute a mortgage application. To apply now or get immediate assistance, call us at 1-800-555-2098.

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