Getting a Low Interest Rate

Locking in your Interest Rate

A rate "lock" or "commitment" is a lender's promise to lock in a specific interest rate and a specific number of points for you for a certain period of time while your application is processed. This means your interest rate cannot rise during the application process.

While there can be a choice of rate lock periods (from 15 to 60 days), the extended spans are generally more expensive. You can get a longer period for your lock, but in making this choice, will most likely have a higher rate than you would have with a shorter span of time

More Ways to Get a Great Interest Rate

There are other ways to get a low rate, in addition to going with a shorter rate lock period. The more the down payment, the smaller your interest rate will be, as you will be entering the loan with more equity. You might choose to pay points to improve your rate for the loan term, meaning you pay more initially. For a lot of people, this is a good option..

At Augusta Mortgage Solutions, we answer questions about this process every day. Give us a call at 7068605514.

Got a Question?

Do you have a question? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

Your Information
Your Question
By checking the box, you agree that Augusta Mortgage Solutions may call/text you about your inquiry, which may involve use of automated means and prerecorded/artificial voices.. Message/data rates may apply.

Augusta Mortgage Solutions

NMLS#:148529 GA Residential Mortgage Licensee #18861

141 North Belair Road Suite 102 NMLS# 149807
Evans, GA 30809-7431