{"id":791,"date":"2013-02-28T17:15:47","date_gmt":"2013-02-28T17:15:47","guid":{"rendered":"http:\/\/riverbankfinance.com\/blog\/?p=791"},"modified":"2013-09-06T21:12:46","modified_gmt":"2013-09-06T21:12:46","slug":"mortgage-tip-use-rate-locks-to-get-a-lower-mortgage-rate","status":"publish","type":"post","link":"https:\/\/riverbankfinance.com\/blog\/mortgage-tip-use-rate-locks-to-get-a-lower-mortgage-rate\/","title":{"rendered":"How to Play the Rate Lock Game"},"content":{"rendered":"

\"Mortgage<\/a>How do Mortgage Rates Work?<\/h1>\n

There are some things that are way beyond our control.\u00a0 One of those things is mortgage rates.\u00a0 Mortgage rates fluctuate all the time.\u00a0 They fluctuate many times a day sometimes.\u00a0 They fluctuate based on the financial markets.\u00a0 The better the financial markets get the worse rates get as a general rule.\u00a0 It is next to impossible to predict the mortgage market and therefore rates.\u00a0 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.\u00a0 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.<\/p>\n

How to lock your mortgage rate<\/h1>\n

There are many different lengths of rate locks one can get.\u00a0 Some of the common rate length terms are 15, 30, 60, or 90 days.\u00a0 Some lenders offer short length term rate locks at 7 or even one day.\u00a0 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.<\/p>\n

How to time a rate lock for your home loan mortgage<\/h1>\n

One thing to consider before you lock your interest rate is when to lock your rate during the mortgage process.\u00a0 You have to be careful because if you lock your rate too soon your rate lock expiration could expire.\u00a0 If you lock your rate to late you may have missed on on better rates earlier in the process.\u00a0 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.\u00a0 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.\u00a0 Don\u2019t look back and second guess yourself because you do not know what tomorrow brings.<\/p>\n

For assistance with your mortgage call Riverbank Finance at 800-555-2098 or request information below:<\/p>\n\n

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