Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions.
On this week’s Joe Knows Mortgages MINUTE, we answer the question:
How long is my rate locked in for?
A rate lock period can vary in length; longer rate locks usually cost more. They cost more either in the rate or in the fees or both. A lender will agree to “hold” your interest rate and fees for a longer period and in exchange, the rate and fees may be higher than with a shorter rate lock period. Your Mortgage Professional can help determine if you need a longer rate lock period than the normal 30-45 days. At Morgan Financial, we have many extended lock options, so be certain to ask your Loan Originator.
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