. on what is in store for you with an adjustable rate mortgage, you first have to understand how the product works. (See also: Mortgages: Fixed Rate vs. Adjustable Rate.) With an ARM, borrowers lock.
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A mortgage rate lock is an option homebuyers can exercise to freeze or lock in the interest rate on their loan for a specific amount of time. This protects the buyer from increases to their rate due to market fluctuations between the time the rate is offered and the closing of their loan.
With interest rates that change constantly, it's hard to tell when in the home- buying process you should lock in your mortgage rate. Here's a few tips that can help.
A mortgage rate lock is an agreement between a borrower and a lender that guarantees the borrower a specific interest rate on a mortgage. Rate locks are important because interest rates change.
What is a Rate Lock? A rate lock is a guarantee from a mortgage lender that they will give a mortgage loan applicant a certain interest rate, at a certain price, for a specific time period. The price for a mortgage loan is typically expressed as "points" paid to obtain a specific interest rate.
A rate lock is important because mortgage interest rates fluctuate in response to market forces-much like the price of apples or homes-and even small fluctuations can cost you big-time. A mortgage rate lock, as you might guess, locks in an interest rate for your loan for a certain period of time before you close the deal.
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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.
A mortgage lock-in rate is a rate you agree to pay the lender. The lender is obligated to lock the rate at the time that you say you wish to lock it. The lender is obligated to lock the rate at the time that you say you wish to lock it.