Can I lock in a mortgage rate?
Curious about Mortgage rates
Yes, it is possible to lock in a mortgage rate. A rate lock is a guarantee from a lender that a borrower will receive a specific interest rate on their mortgage loan, as long as the loan closes within a specified period of time. Typically, a rate lock lasts for 30 to 60 days, but some lenders may offer longer or shorter rate lock periods.
Locking in a mortgage rate can be a good idea if you expect interest rates to rise before your loan closes. This can help you secure a lower rate and potentially save you money on your mortgage payments over the life of the loan. However, it's important to note that some lenders may charge a fee for a rate lock, and you'll typically need to provide certain documentation and meet certain requirements in order to qualify for a rate lock.